The vast majority of condos in Toronto have been built in the last decade, contributing to a dramatic shift in demographics. Many homeowners today no longer live in a traditional “house” structure; rather, they have chosen to live in a condominium. And with such a diverse selection in a hot market, it is no surprise that condo developers are still continuing to explore sites for new structures.

What is a Condominium?

A condominium is a complex of several units. Each unit is owned by an individual, who receives a deed of ownership. There may be restrictions on ownership, as outlined by the organization or company that owns the complex, however, the owner has the right to sell, mortgage, etc. their unit. Common areas, such as the hallways or lobbies, are shared jointly. Condos in Toronto, and everywhere else in the world, follow this definition. It is typical that each owner pay a monthly fee that goes toward the general maintenance of the complex.

Important Features to Consider

The most important features of a condo in Toronto are its amenities, location, and of course, the price. It is vital that the buyer get value for their dollar.

Amenities of a Condo

Amenities can include such features as a pool, gym, and concierge or doorman providing security 24 hours a day. These are part of the building for shared use, and are in fact standard for many of the newer condos in Toronto. Condo developers have also realized the importance of providing luxuries in the unit itself, such as stainless steel appliances, granite counters, and porcelain tile.

Location, Location, Location

As population density increases in Toronto, more people realize that a traditional house structure is no longer a viable option. Many houses are situated in neighbourhoods difficult to access with public transportation. Those that are accessible tend to be small and old, prone to costly and annoying structural problems. Fortunately, condo developers in Toronto have taken these problems into consideration when determining sites for construction. As a result, most condos are in close proximity to public transportation, various amenities and business centres, allowing residents to live, work and play all in their neighbourhood. No more long commutes!

With fabulous features, convenient amenities, unbeatable location, and a secure living environment, condos in Toronto make city-living idyllic.