Looking at Toronto’s skyline dotted with tall condo towers, one can’t help but wonder if condo living is right for you?
It’s not surprising that according to Statistics Canada nearly 2 million Canadians are living in condos across the country. Located right in the heart of all the action the city has to offer, most people choose condo living for its convenient, low maintenance lifestyle.
If you’re debating between investing in a condo or a home, this guide will help you learn more about the condo lifestyle to see if its the right fit for you.
Home ownership is a goal however you don’t want to break the bank doing it. According to the Toronto Real Estate Board’s October 2020 report the average price for a detached home was $1.2M while the average price of a condo was $622,000 – the gap is widening between the two housing segments. As a result, when compared to the prices of homes across the Greater Toronto Area, condos generally are a more affordable option especially for the first time home buyers or investors.
You may sacrifice space for the price, however you choose lifestyle – one that is convenient, low maintenance and places you in the city centre.
Wanting to live in the trendiest city neighbourhoods or in the heart of downtown Toronto? Condo living allows you to live in some of the GTA’s hottest neighbourhoods without the price tag.
Condo living may feel like you are losing on space and the condo fees are high, however remember that all of it is easily made up by access to the city’s most popular dining, art, entertainment, shopping and transport at your doorstep.
With many transit options close by, most condo dwellers find they no longer need to own a car for their everyday errands – that’s significant cost savings right there! Uber and Lyfts are readily available – Line 5 condos at Yonge & Eglinton will have a designated drop off area for ride shares. Most condo buildings also have bike storage available making it easier for people to enjoy car free lifestyles. CentreCourt developments’ Forest Hill condos have the upcoming Forest Hill stop on the Eglinton LRT right in the building in its lobby and 55 Mercer Downtown Toronto is steps from the city’s PATH system.
Someone else handles the outside (and let’s be honest, the not so popular) work. One of the most attractive features of condo living is freedom from maintenance you might not have the time, desire or ability to take on (hey, not all of us all Instagram DIYers) — like shovelling snow, mowing the lawn or repairing outside structures and maintenance. Your monthly condo fees cover most of these services.
Condo owners pay a monthly maintenance fee which covers the ongoing maintenance of larger things like window cleaning and snow removal other costs associated with the property, such as heat, water, sewer, and garbage collection fees.
Living in a condo requires less attention and care which allows you to do a lot more with your time and money, for you – things that matter more to your well being. If you like to pack your clothes, lock your door to travel on moment’s notice without worrying about maintenance, then condo living is right for you.
When buying a condo in Toronto, you’re not just investing in a condo unit in the building. You are investing in a lifestyle. Buyers identify with a building’s architecture, its curb appeal, it’s general features and finishes and its suite of amenities as well.
Offering conveniences and services right at your doorstep, in the building’s lobby that provide ease, comfort, and personalization at the fingertips on a smartphone may just be the secret sauce – the builders are betting on it!
This increased desire for an enhanced lifestyle has led to elevated premium services and resort-like amenities that range from but not limited to including social clubs or programs that offer services like a boutique hotel, purposeful lobbies, designed with room for waiting Uber customers, a 24-hours concierge who receives parcel deliveries or a locker for the FedEx drop off, social/workspaces with free WiFi and Smart Home Technology allowing residents to control various features of their home such as heat, air, front door, music from their smartphones.
The pandemic has got the builders rethinking amenities by providing more space both indoors and outdoors to accommodate the increasingly popular work from home lifestyle and the desire to enjoy more green outdoor space. Builders are now introducing larger co-work spaces for residents to use as home offices, greater emphasis on healthier lifestyles and well being will incorporate more green spaces in courtyards, rooftop terraces or larger indoor and outdoor party rooms and terraces. Some master-planned communities are building public parks and community centres as well within walking distance to the condo buildings.
One thing we have learned from 2020’s pandemic is that humans are social animals and we thrive when we engage with others and enjoy socially active, happy and healthy lifestyles.
Common areas like pools and recreation rooms offer opportunities to socialize with neighbours as everyone enjoys the shared amenities together – the pool, the gym, the co-working space. Most condos today also have a social media group for easier communication among residents who can plan gatherings, share concerns and more. Many neighbours get together and host events and classes together – music classes for infants and toddlers, training sessions at gym, yoga lessons in the studio.
Hopefully, we’ve convinced you that condo living definitely has its perks and it is the right fit for you. We have clients with young families choosing to raise their families in condos because of the conveniences it offers – walk to work, drop children off at daycare or school along the way and save time from the daily 40 minutes average commute in the GTA on the highway or public transit – its better for quality of life and the environment. As for the children, most condos now-a-days have children’s play areas on the amenities floor and the greatest amenity of all is right at the front door – the city is their playground!
Depending on location and price points, many condo developments cater to specific groups — like young professionals, families and down-sizers. We are confident we can help you find a condo that best suits your lifestyle and financial goals. Let’s start chatting…
We have some blog posts that can help with your homeownership journey:
Everything You Need to Know About Pre-construction Condos
5 Tips for Starting your Pre-construction Condo Search
Government Assistance Programs to help Homebuyers
