Should You Buy a Toronto Condo or a Single Family Home?

Back to Home Page

There are other advantages to buying a Toronto condo as well that will save you money. Home insurance costs are a lot less and the municipal taxes are also reduced. Many developers constructed condominium buildings in the past few years during the housing boom and are now finding themselves with many empty units. Therefore, the possibility exists to negotiate the sale of one of these units at a fairly cheap cost because they want to get back some of the money and get the condo off their hands.

There are condo fees associated with purchasing this type of home, but the benefits you receive more than make up for the extra cost. You don’t have to worry about shovelling snow in winter or maintaining the landscaping outside. The maintenance of the common areas of the building comes out of these fees which gives you more leisure time. If you own your own detached dwelling, you have to either do these chores on your own or pay someone to take care of them for you.
The location of a condo plays a major role in the price and the possibility of resale. In cities, such as Toronto, many of the condos are in the downtown core where you have a view of the lake and close proximity to the Rogers Centre, restaurants and shopping as well as easy access to the subways. This makes them the prime location in the city whether you live and work in the city or commute to some of the outlying areas.

Toronto condominiums today have become small communities on their own. Just as you can have a small neighbourhood community, you also have the opportunity to develop such a feeling of community among the occupants of a condominium building. You have a sense of security in the manner in which you enter the building and some of the upscale condo buildings have security in the lobby. With a pool area, you can get to know your neighbours and organize get-togethers, so that it seems as if you have your own backyard without the expense. However, if the condo you want to buy does have a pool, you can expect to pay a higher price for it.

At the same time, owning a condo rather than a detached single family home is not for everyone. If you have small children, you will not be able to let them go outside on their own as you would if you had your own enclosed backyard. The balcony area may not be as big as a large deck and the storage area may not be very large. However, if you are looking for low maintenance housing, then the purchase of a condo will satisfy your needs.