Is a Toronto Condominium The Right Living Space For You?

Driving anywhere in the city of Toronto and you see a continuous sea of existing condo towers as well as the sky-high cranes of the new ones being built.

The definition of a condominium is where an owner holds the title to their specific unit which can include the living space, designated parking as well an assigned storage locker.  In addition to the owned space the registered owner also has a share of the common elements.  Such elements might include hallways, elevators, recreational facilities, parking structures and landscaped areas.  The share common elements are financed through your maintenance fees and managed by the condo board comprised owners like yourself.  You are one vote of many  and if you want your voice heard you should definitely make it a priority to attend general meetings.

condo renderingNow living in a condominium is certainly not for everyone.  It should be said that the day-to-day living has no relation to the sexy, colour promotion materials handed out by the salesperson in the presentation centre….the building looks so grand and all the people are all well drop dead gorgeous.

The first compromise you will required to accept is having less privacy.  You have your own private living space, however once you walk out the door you enter the shared world of your 100, 200 or 300 neighbours. If you were expecting to end your night with a quiet evening swim, then maybe in for a shock when you are joined by 6 other families.

You will also be bound the condominium’s bylaws, which you should think of them as the house rules which apply to everyone…NO EXCEPTIONS.  Here is what you can expect to have defined:

  • whether pets are allowed and what type
  • times when recreation facilities are accessible
  • limitations on owner occupied unit renovations
  • home based businesses
  • what services and duties the concierge will and will not perform

Now detached homes in Toronto will always see the biggest gains in increased year to year property value, condominium values increase slightly year over year, due mostly to the continual supply of resale units and new units flooding the market.

The one thing you should expect is at various times you will be inconvenienced.    It could be elevators being out of service or being struck in one, garage retrofit, garbage not properly disposed of and noisy or rude neighbours.

I have put number of my clients in various condos across Toronto and the one rule we always apply do your research.   You can never be too thorough.

In the table below you can see the month-to-month condominium sales for 2013.   It provides a great statistical tool comparing sales with the City of Toronto, Toronto Central, Toronto West and Toronto East.

Toronto Condominium Monthly Sales 2013Geographic AreaMonthly SalesAverage PriceMedian PriceAverage Selling Price to Listing PriceAverage Days on Market
January 2013City of Toronto730$340,295$319,00097%44
 Toronto Central446$395,489$355,00096%44
 Toronto West150$276,982$264,00097%44
 Toronto East134$227,465$219,95097%39
February 2013City of Toronto953$352,614$323,98097%35
 Toronto Central 577$409,683$362,00098%33
 Toronto West200$283,619$269,00097%35
 Toronto East176$243,924216,50097%38
March 2013City of Toronto1,266$367,595$333,10098%32
 Toronto Central793$420,453$370,00098%30
 Toronto West248$306,440$285,50098%36
 Toronto East225$248,704$225,00098%34
April 2013City of Toronto1,479$379,266$337,00098%32
 Toronto Central 939$436,146$378,00098%31
 Toronto West281$303,681$337,00098%32
 Toronto East259$255,052$233,00098%29
May 2013City of Toronto1,499$372,768$337,00098%30
 Toronto Central952$427,916$378,00098%30
 Toronto West306$289,889$278,00098%34
 Toronto East241$260,154$232,00098%28
June 2013City of Toronto1,329$366,532$330,00098%30
 Toronto Central836$419,422$364,50099%29
 Toronto West262$303,249$274,95097%34
 Toronto East231$246,895$230,00098%29
July 2013City of Toronto1,353$361,969$330,00097%33
 Toronto Central872$410,532$364,90097%33
 Toronto West228$302,457$272,25098%33
 Toronto East253$248,222$230,00098%31
August 2013City of Toronto1,208$357,572$323,00097%36
 Toronto Central783$412,151$368,00097%36
 Toronto West279$301,709$276,00097%39
 Toronto East218$233,032$226,25097%34
September 2013City of Toronto1,203$363,149$334,00098%36
 Toronto Central739$421,850$378,00098%35
 Toronto West231$299,691$292,00097%40
 Toronto East233$239,882$215,00098%35
October 2013City of Toronto1,347$384,441$332,50097%33
 Toronto Central841$439,970$375,50097%31
 Toronto West287$315,569$283,00097%33
 Toronto East219$261,461$233,00098%34
November 2013City of Toronto1,081$385,968$332,00098%35
 Toronto Central688$449,244$378,50098%42
 Toronto West227$293,308$270,50098%32
 Toronto East166$250,430$236,25097%34
December 2013City of Toronto799$367,376$330,00097%39
 Toronto Central495$430,939$370,00097%39
 Toronto West167$275,906$265,00097%43
 Toronto East137$249,212$230,00097%37

Each quarter Royal Lepage publishes housing sales and the this one is for the final quarter of 2013.   Royal Lepage Housing Survey