Complete Guide to Buying A Toronto Condo
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Often known as condominiums, condos in Toronto are a fantastic alternative to single-family residences and have become a popular choice of residence for city inhabitants, bachelors, couples, pensioners, and more. While the allure of city-living and endless amenities draws many to condominiums, the inexpensive, low-maintenance environment may appeal to others. ​​​​​​​

Create A Condo Buyer Wish List

Many potential luxury condo buyers become preoccupied with the home's details, such as the size of the backyard, walk-in closets, en-suite bathrooms, open floor plans and the inclusion of a swimming pool. However, these desirable features are preferences rather than necessities. When searching for your new Toronto condo, it's essential to prioritize the important elements to you before focusing on their wants.

The best way to learn about the real estate market and available condo features is by visiting properties. The more you look, the more features you want in your future home become clear. Creating a "condo wants and requirements list" can help you stay on track when visiting condo properties in Toronto. 

Curate your wants and requirements list based on the possibilities available in your local market. You may broaden your search to include cities such as Durham, Mississauga and Toronto, or narrow your search to specific areas like Pickering, Ajax and Downtown Toronto. When shopping for your condo, it is beneficial to inform your Realtor about Toronto neighbourhood and community preferences. 

Remember to update your list when you come across existing or pre-construction Toronto condominiums and share it with your Realtor and trusted people to prevent losing out on potential properties.

Get A Mortgage Pre-Approval

Getting pre-approved for a mortgage is vital to understanding how much you can pay before searching for or buying a condo in Toronto. A condo mortgage differs from a house mortgage in a few ways.

Lenders will include the estimated maintenance bills when determining how much you can pay. For houses under 500 square feet, many banks will want a 20% downpayment (and others will not finance them at all). Conversely, many banks will not lend money to condo hotels, and most lenders and CMHC have a hidden list of condominiums they won't finance, generally due to building issues. Therefore, always include a financing condition or speak with your lender before you make an offer.

The Condo Property Search in Toronto

Begin Visiting Condominiums in Person

Once you begin your condo property search, you'll be able to schedule private showings or attend open houses with the help of your Realtor.

Conducting Due Diligence

When you've found a condo unit suited to your needs, it's time to research. Your Realtor and the Status Certificate your Lawyer will check once you've successfully negotiated a purchase deal will play an important part here.

The following are vital factors to consider when buying a condo in Toronto:

a. The Reputation of the Developer

Buying a condo is a significant investment, and it is paramount to ensure your money is in the right hands. A Developer's reputation and past projects can help you understand the features and amenities you can expect, the level of luxury and the quality of living in the building. It can also shed light on red flags like a history of foul play and malpractices. 

b. The Quality of Construction

Visiting the condo unit in-person provides you with more information than browsing its staged listing photos. Additionally, find out if the Developer owns the construction company responsible for the build or if they hired an outside construction company. This can be a significant factor in the quality of construction as directly overseeing construction allows the Developer to ensure quality standards are met. 

c. Unattractive Features

The overall design of your unit is a huge factor when considering buying a condo in Toronto. Developers carefully design each building and unit to provide tenants with the best possible living experience. There are many modern units on the market today, including features like floor-to-ceiling windows and open-concept floor plans. Carefully analyze the condo floor plan and offered amenities and note unwanted features. 

d. Tenants vs Owner/Occupiers

The Toronto condo shopping experience differs for owners and tenants, and it's important to know the difference before purchasing a condo unit. An owner-occupied condo means you have sole decision-making discretion. If you don't plan to own the unit, you will rent from a landlord who has a full say on who is approved to stay in the unit.

e. Condo Management

Good management of condominium properties ensures the safety of tenants and improves the overall living experience. The property management company or property manager is responsible for the upkeep and operations of the condominium. Most Toronto condos have shared common areas and luxury amenities like gyms, swimming pools and outdoor terraces. Proper maintenance and management of the condominium building should be critical in your purchase decision. 

f. History of the Building

The age of a condo is another factor to consider when shopping for your future home. Older condos are often outdated in appearance but can offer many of the same amenities newly built Toronto condos can offer. However, older condo buildings can have high maintenance fees. It's important to understand your payment obligations when shopping buying a condo in Toronto. Past maintenance, renovations, and repairs are also essential to note when browsing the Toronto real estate market. This will help you better understand any required repairs you can expect in the future. 

g. Building Maintenance and Appearance

Typical maintenance and repairs included in Toronto condo fees include landscaping, groundskeeping, snow removal, trash collection and exterior wall maintenance. However, this fee guarantees the upkeep of the exterior and interior of common areas, elevating your living experience and adding a level of luxury to everyday life. 

Due Diligence of the Unit:

a. View

b. Neighbours

Due Diligence of the Neighbourhood:

a. Location is key

Meeting Conditions

Conditions are an aspect of a condo purchase offer that gives the buyer time to perform their due diligence. The following are the most prevalent conditions that we see in Toronto:

Financing Condition: This is a clause in a contract that permits a condo buyer to back out of a deal if they can't get financing within a certain amount of time (typically 3-5 days); 

Status Certificate Review Condition: The status certificate review condition permits a Toronto condo buyer to have their Lawyer evaluate the condominium status certificate (the Lawyer has 1-3 days to review the certificate, which they must be supplied within ten business days)

Home Inspection Condition: While not typical in condo sales, a home inspection condition allows a Buyer to hire a professional inspector to evaluate the unit and back out if it isn't up to their standards (usually 1-5 days, depending on market conditions). Condo inspectors may only evaluate the unit and what the particular owner owns and controls so that they won't provide an opinion on electricity, plumbing, or roofing.