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.

Now 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.

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