Toronto condo life comes with strings attached
If you can handle the rules, says one first-time buyer, a 10-minute walk to work beats hours of commuting each day.
By Katherine Laidlaw – Globe and Mail
When Adam Brander graduated from university, he returned to his family’s home in the Greater Toronto Area, but faced a problem shared by many suburban residents — a lengthy commute to a downtown job. After a few months, he decided it was time to move. Like many young professionals in the city, he began looking for a condo.
The 24-year-old, first-time buyer patrolled the Internet, checked out the Multiple Listing Service, and got the lowdown on some developers from a real estate agent friend.
He finally bought a unit in a nine-storey building at King and Portland streets, basing his decision only on a plan for the as-yet-unfinished building.
“I had gone on maybe three or five separate days… to see various units that were available” in his preferred area west of Yonge Street, he says.
He had a friend who had bought a unit in the building next to the one he was looking at, and that was built by the same developer. “He had good things to say about the whole process.”
Making such an important purchase decision based only on a design plan – “a small drawing on a piece of paper” – initially made him feel apprehensive, Mr. Brander says, adding that he took a “deep breath” before he first stepped into the actual unit.
While in the end, his experience was surprisingly positive, he has heard horror stories from friends who bought Toronto condos on the basis of a design and then found the real unit to be strikingly different.
“There are a lot of unknowns. Basically, you just have to be prepared for the worst and treat anything better than that as a blessing.”
The key to successfully buying your first condo, minus the horror stories? Mr. Brander says it’s all in the research: “You want to look into the reputation of the developers and builders.”
John Oakes, president of Brookfield Residential Services, agrees. His company helps condo boards of directors in the GTA manage reserve funds and make sound financial decisions.
“Be sure you’re going to live in the space you’re buying,” Mr. Oakes cautions. “Do some research on the builder: Is this a first-time builder or a Monarch? It would be easy to find out by searching the builder’s website, looking at other properties the builder’s built.”
One of the main problems he sees with first-time buyers is the expectations they have before moving day.
“A lot of people move into a condo in Toronto expecting it to be the same as moving into a house,” Mr. Oakes says. “You have to understand that living in close proximity to other people, there’s a need to recognize their rights as well as your own.”
He notes that while different condos have different sets of rules, many deal with similar issues, such as noise, pets and decor. “Noise is a big [concern]. Walking on the floor, playing a piano — those are everyday activities that tend to create more problems than you can imagine.”
Condo boards set the rules and regulations for a building, oversee spending on such things as infrastructure, and collect maintenance fees.
Mr. Oakes says the biggest challenge these boards face is making spending decisions that will benefit residents. “They have to balance the need to control operating costs without letting the assets decline in value.”
Monthly maintenance fees — which go toward services such as gyms, 24-hour security and cable TV — range from 40 cents to 70 cents a square foot, depending on the building, Mr. Oakes explains. “The average of all the properties we manage is currently 50 cents a square foot a month.”
Mr. Brander’s building charges $240 a month for 500 square feet, or 48 cents a square foot. His building doesn’t have a gym or a 24-hour security guard, but does offer garbage disposal and recycling, as well as cleaning and repairs to the common areas.
He says that, on the whole, living in a Toronto condo doesn’t offer as much freedom as living in a house would. “They have rules on the colour of blinds you can use — it has to be in sync with the look of the building. If you have a balcony, you can’t hang tons of stuff on there,” he explains.
“I have both caused a noise violation and I’ve heard [my neighbours'] music when I was trying to sleep. My neighbour knocks on my walls; that’s usually a sign that he wants me to turn it down.”
His building allows pets, but many Toronto condos don’t.
But for Mr. Brander, as long as he can handle the condo rules, being able to walk to work in 10 minutes makes it all worthwhile. “I love it for the location. [And] it’s pretty low-maintenance.”
Along with checking out the rules a condo imposes, it’s wise to look at the demographic of a building as an indicator of whether it will be a good fit for you, Mr. Oakes says. “My mother is 90 years old. She wouldn’t enjoy living in a yuppie building. She would want a building with a bridge club. She may not want a building with the biggest fitness centre in the world.”
And although amenities and social activities hold some sway, Mr. Oakes says it’s most important to ensure “the building itself is being properly managed and taken care of by the board of directors. “You don’t buy a condo based on the colour of the toilet. You have to look beyond the unit.”
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