Over the last decade, Toronto has seen an unprecedented growth of condo developments. During the last few years alone, Toronto has had more new high-rise construction than any other city across North America (more than twice as much as New York City). Whether this is attributed to affordability or an increased demand for the conveniences of the urban lifestyle, there is no doubt that condo living is quickly growing in popularity. It offers a vibrant, active and exciting lifestyle that is redefining many Toronto neighborhoods. The Toronto skyline has been dramatically changed and numerous construction cranes are dotting the skyline with new projects still to come.
This new growth has created entire neighborhoods from scratch on land that was nothing more than parking lots or industrial use until very recently. In downtown alone, we have seen the creation of brand new neighborhoods such as Liberty Village, CityPlace, The Distillery District and the soon to be completed West Don Lands. Other areas such as the Entertainment District, the Bay St. corridor and Corktown have gone thru major transformations and are now becoming popular residential communities. Outside the downtown core, we have seen a major expansion of condos on the shores of the Humber Bay in Etobicoke, ongoing development of the Yonge St. and Sheppard Ave. corridors in North York and a new downtown coming to life in Mississauga around Square One.
These new developments have been exciting for those looking to get into condo ownership as it has resulted in a wide variety of choices. There are now numerous buildings to choose from that offer wide ranges of amenities and great locations all around the city. Most of these buildings are conveniently located within walking distance to public transportation, shops, restaurants, parks, grocery stores, bars, theatres, fitness centres and pretty much anything you could ask for! While having all these new choices is a great thing, it can also make the condo buying process more complicated as many people don't know where to start. Which buildings are better investments? Should I buy new or re-sale? What are the red flags to look out for when buying a condo? Why do maintenance fees vary so much from building to building? Which neighborhood would most suit my lifestyle? These are all important questions and it can make the condo shopping process quite overwhelming.
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Although a Status Certificate plays a very important role towards making an informed buying decision on a condo, it can be a completely foreign concept to many first time condo buyers. Whenever buying any type of condo, it is extremely important that you include a condition in the offer giving you (the buyer) an opportunity to review the Status Certificate of the condo corporation. However, when starting their condo shopping process,
With all the new condo construction going on right now, there are constantly new buildings coming to market with newer and more modern finishes. If you live in a building that is more than 10 years old and your condo still has all its original finishes, it may be time to consider some renovations which will help create a more contemporary look. Renovating your condo will increase its value and make it more appealing to today’s condo
Toronto Real Estate Board President Paul Etherington announced robust results for the condo (apartment) market in the second quarter of 2014. Total Q2 sales were up by 10.4% compared to the same period in 2013, with new listings also increasing over the same period, however by a lesser 4.4%. “Condominium apartments represent an affordable entry point into the market for first time buyers. On top of this, some condo properties cater
For anyone looking to get into condo ownership, understanding and assessing the maintenance fees of the condo you're considering buying, will be an important part of your condo shopping process. The confusion that often comes up for many condo buyers is trying to understand why the maintenance fees can vary so much from building to building? Why are there buildings with almost no amenities that have higher maintenance fees than other