The Toronto Condo market has traditionally focused on the down town core. Thousands of new condo have been built in down town Toronto. Between Dundas and Queens Quay, almost every inch of the city is either a condo or a high rise office building. Even the Toronto Maple Leafs and Donald Trump are building condos in down town Toronto.
But it does not stop there. Condos are being built at a record pace in North York, Markham, Richmond Hill, and Mississauga. Toronto wants to limit the amount of green space that is used for development. This means that more and more projects are infill developments. Older buildings are being replaced by new condo skyscrapers. Old parking lots are being turned into Condos with hotel like amenities.
Will this condo boom bust? Some people speculate that there are too many condos being built. Others say that there will be even more demand for condos as baby boomers become tired with the effort involved in maintaining their large homes in the suburbs. Some people think that baby boomers will be selling homesin the suburbs and then buying condos.
Some of the advantages of owning a condo include the “low maintenance” aspect of not having to shovel snow or cut the grass. In addition to less manual labour, many condos come with amenities like swimming pools, gyms, hot tubs, billiards and much more. Most condos can be accessed without going up stairs. Condos are also affordable for 1st time home buyers. Most condos are either 1 or 2 bedroom. This makes condos ideal for retired couples or young couples with not children.
Some of the disadvantages of owning a condo include a never-ending maintenance (condo) fee. These can be as much as $1000 a month, but typically they range from $300-$500 in Toronto. Other factors that might discourage buying a condo include living in the same building as other people, noise, smells, and the fact distance from your parking spot to your condo is typically not that close. Anything bought (groceries, shopping..) will need to be transported from your car to your condo.
Some people are “condo people”. They would be more than happy to spend their entire life in a condo. They don’t understand why anyone would want to live in a house. Other people are “house people”. They can’t believe that condo owners pay “those high condo fees” and they would never buy a condo. Why type of person are you?
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