So, you're considering purchasing a Toronto condo, are you? Well kudos to you for coming to an informative web site like this to get the lowdown on the Toronto condo situation before jumping in headfirst. It's important to know what you're dealing with, both financially and stylistically, if you want to make an informed decision you won't regret down the road. In this article, we'll lay out some of the basics: condo types, neighborhoods you'll find them in, and of course, average prices.
Standard or Luxury
Generally speaking, there are two types of condominiums. The first, known as standard condos, are basically just an apartment that is purchased outright by the tenant instead of rented from a landlord. When you see apartment rental in the listing, this is a condo being rented out by its owner. The basics are the same - kitchen, bedroom, living room, bathroom. When you get into luxury condos, you're looking at not just more square footage but also special features like fireplaces, dens, solariums, large balconies, and state of the art kitchen appliances.
Neighborhoods and Complexes
In smaller cities you generally only find condos downtown, where the population density is highest. However, you'll see almost all neighborhoods in Toronto and many neighborhoods of its suburbs cities represented on the real estate listings. Downtown, Cabbagetown, Forest Hill, Etobicoke, Scarborough, Brampton, High Park, Leaside, Lawrence Park, the Waterfront, Newmarket, Mississauga, the Annex, Richmond Hill, Oakville, Thornhill and Unionville are among the most popular neighborhoods with buyers.
The price you pay for a condo in Toronto depends on several factors: the neighborhood, the features offered by the particular building, and the size. Broken down into averages, however, we see that Toronto waterfront condos are among the most expensive, with an average of $405,000 for a standard unit and $1,250,000 for a luxury unit. By contrast, the cheapest location for condos is the suburb of Brampton, which lists around $167,000 for a standard unit and $220,000 for a luxury unit.
Unfortunately, buying a condo isn't a one-step transaction. In addition to the lump sum for ownership rights, you'll also be required to pay a monthly fee that covers maintenance and building services like gym or laundry. These fees vary from building to building. You might look at identical units in different buidings and find widely different fee structures, but in central Toronto they usually boil down to between 20 and 60 cents per square foot.