Toronto is a pretty amazing city. It is big enough to keep native Torontonians busy, but not so big that newcomers will feel out of place. It has some of the best schools, best artists and best cuisine. Recognized by both the United Nations and the BBC as the most diverse city in the world, Toronto is also the benchmark of multiculturalism!
When it comes to housing, some people prefer to live in a condo. Toronto’s housing market isn’t known for being affordable. Condos are more accessible from a financial standpoint, but that’s not the only reason why people choose condo living. Below are 10 reasons why Toronto condos appeal to buyers.
1. Awesome amenities
When you think of urban Toronto condos, you probably think of rooftop pools, modern gyms, quiet working rooms, and maybe even a bowling alley. Depending on the building, Toronto condos have all of that and more. To make up for less living space, condo amenities are included to give owners more spaces to play, sweat or work in. Some buildings even have BBQ areas or party rooms so that owners can host social events without having to worry about squeezing 10 people into a 300-square-foot dining/living area.
2. Opportunity to lead a community
This may not be the top driving factor, but having the opportunity to serve on a condo board can be an attractive benefit of condo living. Serving on a condo board is a lot of work, but it is also very rewarding. Some of the best condos in Toronto have exceptional condo board members who ensure the community is cared for. Many of these boards also use condo management software like Condo Control to help them simplify and automate time-consuming tasks, and increase owner satisfaction.
When you serve on a condo board, you get to make important decisions that will impact the current and future state of your community.
3. Less responsibility
Of course, you are not obligated to serve on the board. Many owners prefer condo living because they have fewer responsibilities. Owning a house means you have to plan for things like roof repairs, furnace issues and window replacements. Often, condo corporations think about those types of issues for you, and the repairs end up costing far less when you live in a multi-residential building with multiple owners who all pay condo fees.
4. Fewer chores
This could easily be the best thing about condo living. No shovelling snow, cutting grass, cleaning the pool, painting the deck, etc. Condo owners get to do significantly fewer chores. Their condo fees are used to pay someone else to do these chores, which gives owners more time to do other things.
5. Walkable neighbourhoods
Due to the convenient location of condos, owners get to live in the middle of some of the coolest neighbourhoods. You can find something near a charming park, close to an up-and-coming block, or steps away from a popular main street. Either way, you will almost certainly be within walking distance from a grocery store, pharmacy and a few incredible restaurants. There might be a mall nearby, a good school for the kids, a library, a venue or a recreation centre. Toronto has so much to offer, and condo dwellers get to enjoy some of the city’s best features any time they’d like to.
6. Augmented safety and security
Modern condos have reliable access control systems to keep uninvited guests out of the building, security and concierge to patrol the condo, and surveillance cameras to deter unsanctioned activity. They are generally much safer than a house, and with so many neighbours in the building, it’s hard to feel unsafe in a condo.
7. More affordable price
Condo units are almost always more affordable than detached homes. Since they are smaller, and offer less privacy, they tend to be less expensive. First-time buyers may feel that purchasing a condo is a more responsible choice. They can pay off the mortgage in less time, and if the unit’s value increases (which it likely will), the owners will earn a profit when they sell. As a result, they will have an easier time buying a larger home outside of the city in the future.
8. More affordable cost of living
The other big financial benefit of condos is that expensive repairs are funded by the reserve fund (which is funded by condo fees). While no one likes the idea of paying these recurring fees, owners can’t deny that they are easier to manage than one big invoice. It also costs less to heat and cool a condo. Due to lack of space, most people end up spending less on home décor and furniture. And, many condo owners don’t need to purchase a vehicle to get around in Toronto. That means they aren’t paying for a parking space, insurance, gas or car maintenance. They can always rent a car or use Uber if they need a ride.
9. Develop relationships
Condo living is a great choice if you enjoy being around people and forming meaningful relationships with others. You will probably see a few familiar faces in your elevator or hallway, and may even become good friends with your neighbour. But it’s also a lot easier to meet up with old friends for a drink, volunteer at a shelter, or join a baseball team when you’re so close to everything. It can be more difficult to meet up with people after work when you have to catch the train by a certain time and commute an hour to get home, but a 20-minute streetcar ride is manageable.
10. Experience the best of Toronto
Living in a Toronto condo comes down to lifestyle. Some people don’t like the smaller living space or condo rules, and that’s okay. But others don’t mind having less storage or smaller bedrooms if it means they can be close to all of the action. From parks and paths, to retail and restaurants, Toronto truly has something for everyone. Living in a condo often means you get to experience more of the city and be with more of the people who make it special.
There are many reasons why Torontonians choose to live in a condo. Price and convenience are two major factors, but the amenities, safety and security, and a less stressful lifestyle all make condo living attractive. Having the opportunity to serve on a condo board and change your community is another persuasive point. Condos can accommodate virtually anyone at any life stage, provided they don’t need a front or back yard.
The condo market in Toronto recently took a hit after people started looking far outside of the city for a larger home, but since the supply of single-family homes in Toronto and the GTA remains small and expensive, new condo development will continue. Condo developers are expected to start offering shared work spaces, videoconferencing rooms, better solutions for parcel and grocery deliveries, and improved amenities in light of the pandemic. Condo living may need to be reimagined, or at least updated, since fewer owners are willing to invest in a 500-square-foot unit if they have to work and live from their home. Nevertheless, condos will remain an integral part of Toronto.