The Appeal of Condo Living for Downtown Toronto

By: Reza Afshar

The Appeal of Condo Living for Downtown Toronto

Tags: Toronto Condo Market, Toronto Condos for Sale, Increasing Demand for Toronto Condos, Toronto Condo Investing

Now is the Time to Think About Condo Living in Downtown Toronto
 
Whether you’re in the market for a new place to live or looking to invest in real estate in downtown Toronto, condos are definitely your best bet. Unless the appeal of suburban life is where your heart lies, you should turn your attention to why investing in a downtown Toronto Condo is the right choice, right now.
 
Here, we take a brief look at why condos for sale in downtown Toronto are a better purchase than a house. Now’s the time to think “Toronto condo living.”
 
The Finances: condo life just makes ‘cents’
 
The costs associated with owning a house can be substantially more than a condo and not a little bit more, but a lot more.
 
While it seems that luxury condos in downtown Toronto have been quickly approaching the cost per square foot of that of houses, the overall cost of condo living versus buying a townhouse, semi or detached are not even in the same range.
 
Of course, when considering the cost of living in a downtown Toronto condo, people are often quick to cite the dreaded maintenance fees. This extra cost of, say, $600 a month is not some small fee to be written off as inconsequential. 
 
But this cost is not as significant as it first seems. Not when you consider the cost of living in a house, where constant bills add up quickly and are generally higher: water, hydro, gas, insurance, alarm system, landscaping, etc. are all fees that you will need to account for over and above the cost per square foot.
 
And it doesn’t stop there, as houses require ongoing maintenance and can include larger expenses. Things such as a new roof, furnace, hot water tank, A/C unit, or even having to repair and waterproof the basement after an unexpected flood are all additional costs that you may need to incur.
 
Now when we think of the monthly $600 maintenance fee of the downtown Toronto condo, it suddenly sounds incredibly cheap when placed beside the fees associated with owning a house. Furthermore, the monthly fee is far easier to budget for than having to be ready at any time for any unforeseen happenstance. 
 
Lifestyle: Condos are easy
 
Let’s stick with the maintenance fees of downtown Toronto condos for a moment. Pay the fee, and you won’t need to worry about what someone who owns a house needs to worry about.
 
No raking leaves or shoveling snow; no trimming trees or fixing leaky basements; no repairing the roof; no preventative and responsive maintenance to the house; and certainly, no cleaning up after raccoons have pillaged your garbage.
 
If you want a lifestyle that frees more of your time, then condos in downtown Toronto are where you should be looking to purchase.
 
And this is the case not simply for the maintenance aspect of the property. Purchasing a condo in downtown Toronto means that you can also live much closer to where you work and/or where you like to spend your leisure time.
 
Condos, moreover, come with amenities that houses typically will not. Want a pool and a gym? Want underground parking that keeps you from clearing your car of snow and keeps it warmer in the cold months? Want a tighter-knit community that gets together for social gatherings, such as movie nights, barbeques and games nights? Condos in downtown Toronto come with most (if not all) of these.
 
Investment: Condos find residents
 
But why, if you are purchasing real estate not to live in but to invest in, should the lifestyle be of significance to you? The answer is simple: because you need people to rent the property from you, and the lifestyle will matter to them.
 
If you want to be able to rent the property easily, then a downtown Toronto condo is much easier to find residents for than a downtown house. There are, quite simply, more people with the finances for renting a condo than there are for renting a house.
 
If you are purchasing real estate in downtown Toronto, then a condo is “probably” your best option. 
 
But don’t stop your research here: speak to a downtown luxury condo real estate agent for further advice. 
 
And speak to the best one you can find… Speak to Reza Afshar today.