Toronto's condo market is booming. More and more buildings go up each year, increasing the number of options you will have when you decide you want to buy real estate in Toronto, Canada. In fact, there are so many options available to the new condo buyer that it can be quite overwhelming to jump right into the listings without first narrowing down some of your options. This article will give you some ideas for creating a manageable list of condo options in Toronto.
Narrow by Location
If you simply must have a condo in downtown Toronto, that will narrow your options considerably as you will have only a few neighborhoods to choose from. However, if you're open to a condo in the outlying areas, suddenly there are hundreds more possibilities in Mississauga, Scarborough, Etobicoke, Burlington, Markham, the Annex, and Bloor Street. Decide how long of a commute you're willing to accept and select neighborhoods within that radius of your workplace - don't forget to factor in the location of transit stops if you don't drive.
Narrow by Size
If you're only willing to consider properties that will accommodate your parents when they come to visit or if you need an office as well as bedrooms for your children, you can narrow your choices that way. Most condos are designed for single professionals and young working couples without children. They have one or two bedrooms and a single bath. If you need more - three or more bedrooms - you will have far fewer options. The same goes for square footage. Standard two bedroom units are likely to be around 900 square feet. Anything more will be unusual.
Narrow by Feature
Most downtown Toronto condos are located in condo complexes that have a variety of unit and building features. Decide which of these features you must have in your new home and you can narrow your list of possibilities significantly. Choose from popular building features such as parking, concierge, workout room, swimming pool, and rooftop garden or unit-specific features like ensuite laundry, sunroom, balcony, water view, new kitchen appliances, and granite countertops.
Narrow by Price
The majority of people will find that their budget is the biggest deciding factor when it comes to narrowing the list of possibilities. The condos in Toronto's cheapest areas, like Scarborough and Mississauga, will still cost upwards of $250,000 while condos in more desirable neighborhoods like Forest Hill and Hyde Park will run you $500,000 or more. If it's a luxury unit you want, you're looking at between $300,000 and $1,000,000 on average depending on the neighborhood you choose. Use a mortgage calculator to determine how far your budget will allow you to reach.
Get a better understanding of the different condo styles right here
If you need a second mortgage or to discuss mortgage options, you contact Morcan Direct
The Toronto Neighbourhood Guide can help you determine which area of Toronto best suits you!