For most first-time buyers in the city, the first home is a condo. Here is what to know before you start touring.
The status certificate is the whole story
It is the package of documents about the corporation: reserve fund study, budget, insurance, rules, any lawsuits and any special assessments. Every offer we write on a condo is conditional on a lawyer reviewing it. A building with a healthy reserve fund and sensible fees is worth paying a little more for.
Maintenance fees
Compare fees per square foot, and check what they include: heat, hydro, water, parking, locker, amenities. Older buildings tend to have higher fees but larger suites; newer towers have lower fees that rise as the building ages.
Layout over finishes
Finishes can be changed. A dead-end kitchen, a bedroom without a window or a balcony facing a wall cannot. Prioritise light, layout and a real second bedroom if you plan to stay five years.
Where to look
Downtown gives you the walk to work and the largest selection. North York along Yonge and Sheppard offers larger suites and Line 1 and Line 4 access. Midtown at Yonge and Eglinton sits between the two. If the budget is tight, condos at the Vaughan Metropolitan Centre put you on the same subway line for less, without Toronto’s municipal land transfer tax.
Before you offer
Get a full mortgage pre-approval, not a pre-qualification. Know your closing costs. Then tell us what you are looking for and we will filter the market down to the buildings worth your time.
Thinking about a move? Get a request a home evaluation, browse our listings or talk to the team.
