Ontario Condos News

Toronto Condos - Hunting for Condos

Feb. 23, 2005: Condominium hunting in downtown Toronto

Townhouses, high-rise and low-rise condominiums are generally less expensive than detached homes. If a buyer feels that having lots of privacy and a large yard are important, than living in a condominium in downtown Toronto is not a good idea.

One of the first things one needs to decide when looking for a condominium is whether to go for new or used. There are advantages to both. A new condo has not been lived in or dirtied by anyone else. Because everything inside the place is brand new there is no chance of things like appliances breaking down. In a lot of cases you are given the option of choosing your own fixtures and cabinets, and you can opt for hardwood floors instead of carpets. Of course, the more things you choose to change from the model condominium, the more it will cost you. Like with any new home, there is a good chance there will be delays with the builder.

The main advantage in buying a used condo is that construction settling has already occurred, and any problems associated with it will likely already have been dealt with. As well, any plumbing problems, like leaks, will have been resolved. Once a closing date has been set with the previous owners, chances of there being any delays with the moving-in day are few.

Everyone who owns a condominium must pay monthly condo fees. These fees cover the cost of repairs and maintenance to parts of the building and property that is shared by other condominium owners. Typically, an owner does not have to worry about any of the yard work, or shoveling of snow. Many condos have security guards in the main lobby, as well as recreation facilities like pools or tennis courts. Some even have their own restaurant with available room service. Many people choose to live in condos so that they don't have to commute to work, and all they have to do is take an elevator downstairs and they are in the heart of the city. Restaurants and other forms of entertainment are just around the corner.

When most people are condominium hunting, the first thing they normally look at is price. Condos in downtown Toronto range from $178,000 on Queen's Quay Rd. W. to $4,350,000 on St. Thomas St. in the Bay/Bloor area. Buyers also look at location, the view and the number of bedrooms.