We can all agree that the housing market has been a little unpredictable these last few years. Prices have increased, interest rates have climbed, and the affordability of owning our dream home can sometimes seem, just that–a dream. As a Toronto real estate agent, it’s my job to educate my clients not only on the latest trends in real estate but how to make their goals come to fruition.
With the competitive nature right now of the market (low supply and high demand), it may be time to pivot. While owning a detached home is most people’s end goal, a great option to start paving that path is buying a condo! Especially for new buyers trying to break into the market, a condominium is a great alternative and it comes with a lot of perks and amenities, depending on the building you choose. Toronto has no shortage of high rises and castles in the sky, today we will discuss the pros and cons of condo living!
Perks:
- Affordable: If you are looking for a one or two-bedroom condo, you can save a lot of money in contrast to the purchase of a house. While not all condos are bundles of savings (ahem, downtown penthouses) some are a steal of a deal if you know where and when to look. Having a good buying agent on the job will be able to introduce you to a number of neighbourhoods in the city where you can get a feel for their vibe and see if it is a good fit for you. Some neighbourhoods will come with a prestigious price tag due to their location, but there are a number of hidden gems tucked away in the city that are just waiting for you to call them home!
- Less Responsibility: If you are looking to say goodbye to lawn maintenance and snow shovelling, condo living is a great place to do that. You don’t have to worry about pulling weeds, trimming hedges, salting sidewalks, or cleaning your pool filter – because with a condo, that is someone else’s job! You can enjoy the beautifully maintained spaces like the rooftop pool or patio, without the chores associated with their maintenance.
- No need to repair: Along with ditching your yard maintenance tasks, gone are the days of worrying about a leaking roof or broken air conditioning unit. You are responsible for paying a monthly fee to cover incidentals, but you don’t need to stress about having a reserve to repave the driveway as all of that is accounted for with the condo board and maintenance team.
- Great amenities: While your one-bedroom detached home may not boast the presence of a swimming pool, sauna, golf simulator, yoga studio, gym, or home theatre, your one-bedroom condo might! Be sure to ask your real estate agent which condos offer which amenities and decide what your priorities are when purchasing. Would you rather be closer to public transit or have access to a 24-hour fitness facility? Some buildings even have a coffee shop or restaurant in tow, making those early morning commutes a lot more bearable with easy access to a latte!
- Set fees: You won’t have to worry about budgeting for bills and utilities (well some) as your condo fees are preset and cover many of your monthly costs. The monthly fee is disclosed with the home’s purchase, and while some may find it prohibitive, others will find it an advantage when planning financial commitments for the month.
- Increased security: If you are living on your own in the city, or wish to have some extra protection for your family and home, rest assured! Most condo buildings offer locked front entrances accessible only with a key fob or passcode as well as security cameras to watch the activity. Some even offer live security guards on site. You may pay a premium for a 24-hour concierge, but again decide what are your “must haves” and “can’t live withouts”!
- Sense of community: Some buyers may find a sense of increased security not only with the guard on duty but also with surrounding neighbours. You can feel enhanced comfort knowing that friends and neighbours are just a knock or elevator ride away. Need a cup of sugar? Someone to walk your dog? Water your plants while you are on holiday, and be sure to introduce yourself to your floormates. You can enjoy the convenience of on-site friends for a BBQ, round of billiards, hand of euchre, or any other social events you want to dream up. This is great for seniors who may need mutual support, and homebodies who still like to maintain a social life!
- You get a voice: As a condominium owner, you get to vote on the ongoing interests of the building. You can partake in communal board meetings and even run for positions on the board of directors.
I find the list of perks outweighs the cons, but many simply see the flipside. So not to leave out the other side of the coin, we have…the cons!
- Smaller spaces and public spaces: It goes without saying you will have less physical real estate in most condo layouts than a detached home. The areas that are more spacious are communal and must be shared with neighbours. This may be met with challenges as you may not share the same views on smoking, noise, or decor. You may run into issues with privacy, experience personality conflicts and make a few enemies along with your friends!
- Less control: Whilst you don’t have to worry about maintenance and repairs, you also don’t get much of a say when things are done, nor how. You may not get to choose the paint colours and plant varietals, or the date the elevator is closed for repairs but someone will handle the fine print.
- Pay to play: You may find you are paying for amenities that you don’t actually use. Not a golfer, still have to contribute to the golf simulator. Don’t care for yoga or the gym, you still pay your monthly dues. Some people may find that a deterrent, others may see it as a chance to explore a new hobby!
If you are interested in looking at available condominium real estate and want a guide to show you around Toronto’s pockets and neighbourhoods, we would love to help. Our team of experienced real estate agents is well-versed in Toronto real estate and all the attractions, public transit, and special features city living has to offer. Be sure to make your wish list and then let us make it come true!
