Toronto is the largest market in Canada for condominiums. Between the high population densities and the high cost of living, developers are making a bundle on home buyers desperate to own even the tiniest piece of real estate in the city. Since there are so many different developments, it can be hard to choose which of the many Toronto condos for sale you want to buy. Here are a few things you'll want to consider that you wouldn't have to think about if you were buying a single family detached home.
A large proportion of condos in Toronto are sold to their first owners before they're even built. This is called pre-construction and it's probably the only way you have a hope of finding a new property. Everything else will be passed on from an owner who has left their stamp on things. The advantage of buying pre-construction is that you'll have the chance to influence which fittings and finishes (such as taps and tiles) go into your unit. The disadvantage, of course, is that you have to wait much longer to move in, you don't get to see what it looks like before you buy, and there's always a chance that the whole project could fall through.
When you're selecting your unit, you will find that there are only a few different types of floor plans depending on where on the floor the unit is located and how many bedrooms it has. However, if you choose a unit on a lower floor it will be cheaper and easier for you to escape in an emergency. The trade off, of course, is that the lower floors are easier to break into and the more expensive units on the top floors have better views and less ambient noise due to them being higher off the street. The higher-up units may even have balconies, which, for security reasons, are not installed on the first few floors. Units with views of Lake Ontario will be at a premium.
Buying a condo home for sale Toronto is always a balancing act. Obviously you want as many building features as it is possible to have, with a parking spot, gym, swimming pool, conference room, laundry service, roof access, and concierge being the most popular condo complex features. But keep in mind that the more features there are the more you'll have to pay in monthly condo fees to help maintain them. Some complexes may have fees as low as $100 per month while others will have fees that rival your mortgage payments, at $500 or even $800 per month. You'll need to take these fees into consideration when budgeting for your monthly expenses or you'll quickly find yourself 'house poor.'