Advantages and Disadvantages of Buying a Condo in Toronto, Canada
Friday May 27th, 2022
Pros and Cons of Buying a Condo in Toronto, Canada
You have a wide selection of options in Toronto, Ontario as a condo buyer. As the largest metropolitan city in Canada, Toronto offers residents opportunities for education, business, entertainment and more just outside their front door.
With your condo purchase approaching, you may be concerned about what property to buy, where to buy it, and whether you're making the right choice. Toronto Condo Team has created a comprehensive guide to help you understand the pros and condo of purchasing a condo in Toronto, Canada.
High Demand for Condos in Toronto
If you're considering purchasing a condominium, there are several reasons why it would be a good idea right now. Condos have never been more popular, especially among the millennials, who are beginning to downsize and move into houses that are easier to maintain. As a result, condos are in high demand and will increase value quicker than single-family residences.
Condos aren't only classified as units in high-rise buildings. They can be townhouses connected to another apartment on one or both sides as well.
However, buying a condo in Toronto may not be suitable for everyone. There are certain factors to consider when purchasing your future home and just as many drawbacks as advantages. Let's look at the pros and cons of buying a condo in Toronto, Canada, to help you make the best purchase decision.
Advantages of Buying a Condo in Toronto, Canada
Minimal Maintenance and Repair Responsibilities
One of the most appealing aspects of condo living is that others handle the maintenance. When you live in a condo, you don't have to worry about the upkeep and repair tasks of the different parts of the building. This is a huge advantage for individuals who spend extended time away for travel, are busy with their careers, have health or physical limitations, are first-time homeowners or will not have the time to dedicate towards maintenance. Additionally, condos in Toronto employ skilled maintenance staff to handle major repairs and organize events to keep you involved in your community.
Condos can also be an excellent alternative for retired individuals as this keeps them close to neighbours and within a contained community. Monthly condo or maintenance fees are generally predictable. This means you can confidently maintain your budget and property.
Easy Access to On-Site Amenities
Many condo communities have world-class amenities that are usually out of the way for an average homeowner.
In some of the city's best condo properties, amenities include swimming pools, saunas, fully-equipped gyms, jogging tracks, and shopping centres.
Additionally, condos are often found nearby schools, shops, restaurants, public transportation and hospitals, making them excellent condo communities perfect for young adults and families. There are no extra fees for facilities such as trash pick-up, snow removal, security, or maintenance too. These amenities might also make getting to know your neighbours much easier. This might significantly benefit individuals who live alone or enjoy socializing with neighbours.
Better Security Features
Many condos provide homeowners with security personnel, doorkeepers or locked or gated entrances. If you live alone and are concerned about security, this can be comforting because it may reduce the danger of home thefts.
Furthermore, you live close to many other people, so you'll have others to turn to for assistance in an emergency.
Condos are generally considered "shared property" spaces, implying that all owners share a portion of the building or complex. When there is a necessary repair or maintenance cost for the building's property, it is shared by all owners. This allows all of the building's owners to share in the maintenance costs, which often decreases the cost per head.
Closeness to Urban Life
Condos in Toronto, Canada, are situated in a vibrant, diverse city centre, making them even more enticing. Living in a bustling centre gives you access to various entertainment opportunities. Furthermore, most of them provide excellent connectivity to the rest of the city via various public and private transportation options such as the TTC's subway, streetcar and busses, taxi and other ride-share programs. Condos in such prime locations may also appreciate in value quicker than condos in the suburbs, making them a worthwhile investment.
Disadvantages to Living in a Condo in Toronto, Canada
Another disadvantage of condo living is structurally similar to an apartment. In a condo, you have neighbours on both sides of your walls and possibly above and below. Based on the location of your unit, you may also have neighbours walking down the hall outside your door. For individuals searching for peace and quiet, or a private getaway from loud city centres, condos in Toronto may not be the best residential option.
Strict Condo Community Association Rules
Buying and living in a condo in Toronto implies that you must abide by the rules set by the community associate members. For some people, following someone else's rules is fine, but it can be oppressive for others. Pet regulations, how and when shared amenities may be used, and regulations governing visitors or guests are only a few examples of condo association guidelines. Additionally, you must also obtain authorization from the condo association before making any changes to your condo unit. Unfortunately, the reality is that if they reject your request, you're unable to proceed with the changes.
However, you can also choose to serve on a condo community board or association.
Restrictions Over Your Pets
Although most condos in Toronto allow pets, there may be restrictions on their size, breed, and number, which can be a huge drawback for pet owners. Some condominiums will also need you to pay a pet deposit, which is something to bear in mind when calculating costs. Additionally, if your receive too many complaints from other residents, you may have to bid good bye to your pet or relocate entirely.
There are various condo-friendly pets. However, to avoid trouble, we advise you to thoroughly read pet policies before buying a condo in Toronto.
Smaller Condo Units Mean Less Living Space
Condo units offer less space in comparison to individual homes. Also, there may be less storage space in some of the condos. Some condominiums have compact storage facilities for each unit. However, this isn't always the case. Consequently, you may need to downsize your belongings, purchase new and multifunctional furniture or look for other property options.
Accountability for Other People's Problems and Issues
While sharing costs can be seen as an advantage to buying a condo in Toronto, it can also be a disadvantage. Even if you had nothing to do with it, you are still responsible if another resident damages common property or involves the community in a legal dispute.
A condo, like other communities, attracts people with a wide range of personalities. Consensus can be difficult to achieve at times.
Final Thoughts on the Advantages and Disadvantages of Buying a Condo in Toronto
Purchasing a Toronto condo is an incredible milestone. Not to forget that buying a condo is entirely different from buying a house. A detailed review of the pros and cons of buying a condo should be part of your decision-making process. This will undoubtedly assist you in making an informed decision that you will not regret later.
At Toronto Condo Team, we know that buying a Toronto condo can be an overwhelming and daunting process. That's why our condo real-estate agents aim to provide friendly advice and guidance throughout this whole experience. We are located in the heart of Toronto, and therefore we have access to an exclusive range of condos for sale.
Contact Toronto Condo Team today to get started or learn more about the benefits of living in a condo in Toronto. We'll have you settled in no time!