Buying a Condo in West-end Toronto, Real Estate, Condos, Lofts
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Savvy investors are looking at buildings in Toronto’s condo market in west-end Toronto. The surrounding neighbourhoods such as Roncesvalles, High Park, Bloor West Village and The Junction are a huge draw attracting both end-users for long term, as well as those planning on renting out their units.
Foreign investors consider Toronto as having one of the best economic prospects along with a stable real estate market. They’re buying condos for their children going to school here as well as holding on to long term rentals.
The 80’s trend of a fast turn-over purchase and sale is not as prevalent. Many of the condo suites are being bought and held over a long term to not only gain in appreciation but also as a safe haven for their investment.
Condos have continued to hold their value in the Toronto real estate market, especially in areas of the city that don’t have the density of buildings found in downtown. First-time buyers and those looking for a lifestyle change are considering a condo as an option for living in urban Toronto, with all it has to offer. As Toronto continues to grow, we’re seeing the Megacity trend that sees purchasing a house within the city becoming more and more unaffordable. For many of the new residents, having come from countries where apartment life was the norm, living in a condo makes sense. Young professional singles, couples and families are choosing a vertical lifestyle with established neighbourhoods surrounding the building, over moving to the Burbs where your only mode of transportation is a car. With kiddies in hand, they want to stroll to the local café for a cappuccino and drop into a yoga class. Walking their dogs along a busy street lined with shops and markets is more exciting than barren sidewalks in subdivisions.
Deciding on buying new or resale is a big decision. When purchasing a pre-construction condo, aside from being seduced with the model suite and all of the upgrades offered, there are a few things to keep in mind. There will be hidden closing costs added over and above your purchase price including levies to the Builder and interim occupancy fees until the building is registered. Parking spaces can range from $30,000 to $60,000 to purchase with lockers selling around $5,000. The average new condo has shrunk in size to approximately 750 square feet and sometimes even smaller. The High Park hood is seeing a number of new buildings coming into the fold. They include Daniel’s High Park Condominiums, The High Park by NorthDrive and The Address at High Park. This cool hood is only steps from Toronto’s largest parks, “High Park” as well as being a short walk to Bloor West Village’s boutiques, cafes, restaurants and markets. Just west of the Village between Bloor West and The Kingsway are another group of new luxury buildings going up called One Old Mill and Lanterra’s Riverhouse Condominiums at Old Mill.
For the Buyer that is looking for more space and would like to be able to immediately see what they’re getting, resale is the way to go.
The maintenance fees will be higher than new buildings and can go anywhere from 60 cents per square foot to a dollar, depending on the age of the building and the amenities.
One feature the older buildings will come with is "size" and that is drawing both families and downsizing buyers.
The west-end Toronto neighbourhoods have the benefit of being on the Bloor-Danforth subway line as well as tree-lined streets perfect for biking. In the Junction, the Heintzman Place Condos has its own car sharing program onsite for residents, called Option for Cars. Being green and not even having a car in the city, is becoming much easier. Converting lofts from churches, industrial buildings as well as factories are also attracting a young hip group of creative buyers that are looking to stray away from the norm and typical type of condo.
Urbanites choosing a vertical type of living are doing so with the surrounding neighbourhood in mind. They still have a wish-list and must-haves, but they might include a nearby park to run their dog, a great local café, fresh produce market, public transportation, a gym or yoga studio and daycare not far away.
Whether planning on a condo purchase for personal use or as a rental investment, vertical living in Toronto has certainly become a lifestyle choice that as real estate prices rise, will be here to stay.
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