Toronto Condo and Real Estate Blog

Toronto condos have become an increasingly attractive home ownership option for many people. Whether you’re a young couple looking for affordable housing, or a retired couple wanting to downsize because their kids have moved out, there is likely a condo for sale to fit your needs. A condo is a viable option for anyone who wants to own a home without the worry of repairs, maintenance and dreaded chores like snow shoveling. Condos require little work, and are maintained by the association, so the condo owner does not have to be concerned with certain maintenance activities.

As well, many people are turning away from the single-family home market and becoming more interested in the condominium market. There are three main reasons why condos are gaining such popularity: they are economical, convenient, and easy to maintain.

1. Economical. In general, condos cost less than traditional single-family homes. Some experts estimate condos are as much as 20% cheaper than their single-family home counterparts. Within recent years, such value has given a real boost to condo sales.

Condos will increase your buying power. Condos usually sell for 20 to 30% less than similar detached homes, so it is an ideal option for a first time buyer with a limited budget. You will have all the luxury of owning your own home, but will be able to share the cost of upkeep on the building. For most buyers the choice is to buy a condo that meets their living needs or continue to rent.

Condos usually cost less to maintain than detached homes. The replacement cost of a high rise roof may be more in absolute terms than replacing the roof of a detached single-family home, but the cost per owner should be less. Depending on the cost of the repair, there should be enough money from the association fees that can cover the repair without any additional cost.

2. Convenience. Condo living can be extremely convenient. Typically, condos are strategically built near the heart of a city, where most business and entertainment establishments are located. People are choosing to forego the commute required by suburban living, opting instead to centre themselves in the city. By avoiding a long drive or train ride into work, condo owners enjoy more leisure time and a reduced-stress lifestyle.

Condos have amenities that some people could not otherwise afford, such as swimming pools or tennis courts, their own community centre with exercise rooms and much more.

3. Easy to maintain. Condos are also popular because they require little effort toward maintenance. Homeowners know that they are responsible for all of the upkeep and repairs that are associated with keeping a house in good shape. On the other hand, condo owners typically don’t have to worry so much about matters of upkeep or liability. Condos are typically managed by a board that makes decisions regarding repairs and other maintenance issues. With condos, taking care of your property is a very hands-off experience that usually involves the periodic paying of fees and the choice to participate, if desired, in regularly-scheduled, condominium board meetings.

Condos are ideal homes for first-time buyers, small families or people without children, retired couples and vacationers. While a condo can be the first step on the ownership ladder, it is often a good stand-alone investment in real estate. If the above qualities are appealing to you, you should learn more about the condominium market in your area.

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Contact the Jeffrey Team for more information - 416-388-1960

Conversion went from locomotives to loft living

Atrium highlights warehouse loft conversion project in the Junction

By Sydnia Yu - The Globe and Mail

Can you picture yourself standing - in the dead of winter - among the trees, benches and walkways of a 16,000-square-foot enclosed green space at the centre of your loft?

This is a question sales manger Sam Moses used to evoke the atrium at a century-old warehouse that E-Park Development Corp. converted into 104 lofts.

“It’s the best design and best utility for the public,”he says. Located at Lansdowne Avenue and Davenport Road, the warehouse is one of three designated heritage buildings being restored in the 22-acre development known as Davenport Village.

Phase one included 212 townhouses, which were built last year. Future phases will include more new residences, possibly more townhouses. There will be a total of 1,400 homes when the project is completed.

With the Canadian Pacific and CN Rail lines nearby, railways have long been a part of the site’s history, dating back to the early 1900s when 940-1100 Lansdowne Ave. was occupied by Canada Foundry Co. Ltd., which built electric locomotives.

In the 1920s, it became Canadian General Electric’s Davenport Works, until it was shut down in 1981. Most recently, the site was used to film major movies.

Burka Varacalli Architects helped preserve the Foundry Lofts‘ red brick building, which is representative of 20th century industrial design with its gabled roof and distinctive monitor on top.

A contemporary lobby with original exposed brick leads into the courtyard, off of which there are indoor amenities such as a fitness centre and recreation room.

Lofts with one to three levels and one to three bedrooms are built and occupied. The loft registered earlier this year and many resales have come available. The lofts have 9 to 19-foot ceilings, prefinished hardwood floors, original exposed brick walls and large warehouse windows.

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Contact the Jeffrey Team for more information - 416-388-1960

By Terrence Belford - Globe and Mail

Ask anyone who has bought a new condominium suite recently and they will tell you: (a) it is not like buying a house, (b) it is not like buying a resale condo, and (c) unless you are prepared, the cost of closing the deal will make your knees tremble.

So, what should neophytes know about buying that 485-square-foot gem in the heart of the club district or the 780-square-foot, two-bedroom high in the sky overlooking Square One in Mississauga?

What should they ask their lawyers - and ask them well before closing?

The pair of legal experts I talked with say the most important questions cover a basic trinity:

* The real cost of both closing the deal and then living in that new condo each month;
* Exactly what you will get for the price you pay;
* The rules you will have to abide by if you do not want to face everything from neighbours pounding on the walls to the condo board suing you.

REAL COSTS

When you buy a condo, you will take on mortgage payments, of course, but you will face other costs - both lump sums and monthly charges.

When is the best time to consider these costs? As early as possible during the 10-day recision period that follows the signing of the offer to purchase, says Tammy Evans, condominium and construction lawyer at Fraser Milner Casgrain. Any time in those 10 days, you can back out if sticker shock sets in.

“Get onto your lawyer immediately; bring along all the documents and go through them with him or her,” Ms. Evans says. “You are going to need your lawyer to explain just what extra charges you have to pay at closing, and they are going to be sizable.”

She suggests a new condo in the $200,000 range may carry total closing costs of $8,000 or more. That includes not just expected costs - such as legal fees of maybe $2,000 and both the provincial and city of Toronto land transfer taxes - but a slew of charges levied on the developer by the municipality and then passed on to you.

“Those closing costs can come as a real shocker if you are not prepared,” Ms. Evans says.

Then pay close attention to what you will have to fork over every month. Yes, there will be that mortgage payment, but there also will be a monthly maintenance fee that covers your share of the building’s operating costs. The average across the Greater Toronto Area right now is 43 cents a square foot. That means an extra $430 a month for a 1,000-square-foot suite, and that probably does not include your electricity costs since, in most new condos, each unit has its own hydro meter.

“You may also face user fees for things you might expect to be free,” Ms. Evans notes. “That might include a fee to use the party room or a fee to have mom and dad stay the night in the guest suite.”

WHAT YOU ARE GETTING

If the extra cash required on closing comes as a shocker, so might the look of your suite when you finally move in, says Katarzyna Sliwa of Davies Howe Partners.

“Don’t assume the finishes and fixtures you see in the model suite or artist’s renderings will be the ones you get in your suite,” she says. “They may be upgrades.”

And do not expect your suite to be a mirror image of those model suites even if they have similar layouts. The model suite may be 1,150 square feet, compared with your 1,100.

“You have to ask if those are the appliances or the faucets or the tiles you are paying for or are they upgrades,” she says. Purchasers should also understand that occupation and closing dates may well be delayed, Ms. Sliwa adds. “Have your lawyer explain the Tarion [Warranty Corp.] rules governing delays and have a standby plan if your condo is delayed.”

RULES AND REGULATIONS

When it comes to condos, your home is definitely not your castle, Ms. Evans says. “Every project is going to have written rules that are aimed at guaranteeing all residents quiet enjoyment of their homes.”

That can mean a limit on the kind, number and size of family pets. It can mean no barbecuing on balconies. It can mean limits on the number of people living in a suite, when, how and with whom you can use the pool, how loud you can play your sound system and even what colour you can paint your front door.

“It is up to you as the buyer to know all these things before you close the deal,” says Ms. Sliwa. “You want to avoid surprises.”

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Contact the Jeffrey Team for more information - 416-388-1960