Tuesday, April 24, 2012

Condo Facts for Toronto

Recent survey by the TD Bank released Spring 2012 talks about the preferences that Toronto Condo Consumers have about condos vs single family homes.  Condos are less upkeep, more affordable and offer amenities.  This plus the proximity to public transit in the City (and PATH) could keep you indoors if you prefer.  The largest concern is Condominium Maintenance Fees.

"The possibility of a fee increase can be a little unnerving," says Haque. "While there's no way to 'lock-in' to a monthly fee like you can with a mortgage, you can prepare for a fee increase by building a buffer into your monthly housing budget, as some Canadians have wisely done. That way if fees go up, it won't be a major shock to your cash flow. If they don't increase, you have extra money to put aside in savings or towards your mortgage. You can also explore flexible mortgage options that allow you to pay more towards your mortgage when you can, then, upon an approved application, ease off on payments when you need to. This can be a useful feature in the first few months of transition to a fee increase."
Top features Canadians look for in condos
According to the poll, condo buyers think the most important features when deciding on a condo to buy are:
1. Good building security (94%) and low condo fees (94%)
2. Energy-efficient building features (92%) and attractive interior
design (92%)
3. A balcony (90%)
4. Parking for their car (87%)
5. Close to public transit (84%)
Women are more likely than men to look for a building with a balcony (92% versus 87% of men) and environmentally-friendly features (86% versus 79% of men), while men are more likely to say finding a brand new condo - not a resale (56% versus 46% of women) - is important to them. http://ca.advfn.com/news_Canadians-dont-mind-paying-for-the-perks-of-condo-living_52049236.html

Parking has become a large issue in buildings that are built GREEN (encouraging Public Transit). Tenants / couples move in with two cars expecting to rent one (spot) on arrival. ** Read the Bulletin Boards during your site visits. Line ups for spots are readily visible. You can expect monthly parking rental fees at $100 - $150 per month. While the major components of Maintenance being Hydro costs, Water, security and cleaning staff; THEN building amenities,  what will DRIVE your selection?

Add you comments.


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Kate Louise said...

This blog post is very informative and worth reading. keep sharing such nice blog posts.

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Marian Smith said...

Thanks for sharing this. After reading your post, Toronto condo is a good place to live in. Like in the Philippines, I choose a condo in Bonifacio Global City.

Sandara Parker said...

Many people choose to live in a condo than the residential houses. Maybe because of the advantages of condo such as its amenities. And that's one of my reason why I chose a condo unit in the Fort.