Despite the high real estate prices, Toronto is still a hot spot for people looking to purchase a place to live. Over the years, the GTA has become a magnet for active, young people and even more specifically, millennials. With that said, some people who are looking to move to Toronto may face roadblocks due to high costs and low vacancy.
Here’s what to consider before you buy a condo in Toronto.
Budget:
Before you even begin the search for a condo, you need to know how much your budget will allot. The first thing you need to know is how much you have available for a down payment, and you may also have to factor in added costs like mortgage insurance. There are plenty of options available if you take the time and look.
Season also matters while buying a condo. Summer can be a busy time for home buyers and there may be less inventory to choose from. Despite the cold temperatures, the winter months can be a better option as less people buying mean less competition.
Know the building developer:
If your condo is under construction, then you will want to figure in time delays. Also, to avoid any problems it is best to research the building developer, their construction history and other relevant information. Because not all developers are equal, some complete the work on time, some will not; and you’ll just need to choose the right one. For instance, Sam Mizrahi is a Toronto real estate developer with many years of experience in building condominiums and other properties around the city. He is working on The One, which is located on the corner of Yonge and Bloor Streets, and will be the tallest residential and retail tower in Canada at 308 meters tall and 85 stories high.
Look for hidden costs:
The costs which are framed in the agreement are generally an average estimate by the builders. The closer you get to your possession date, the more amount rises. There may be electricity meter charges, development fees, gas charges, and so on. Thus, you must keep an extra amount ready for incidentals in order to prevent sticker shock when you receive the bill.
Buying your first condo is exciting, a little overwhelming and fun at the same time. In a competitive real estate market like Toronto, it’s all about getting your foot in the real estate door and jumping on an opportunity as soon as it becomes available.
