In Canada, the prices for homes have soared and reached an all-time high. The rates have increased by 12 %. No wonder that investors and people looking for houses for their families prefer buying or renting Condos in Toronto. The average price for homes at the start of 2016 was $454,342. This implies that buying condos which retail at $200,000 is considerably cheaper compared to buying a home in the same area.
Even though, it is important to note that the prices of Condos in Toronto increased steadily in the past 5 years. In the past 1 year alone, the city’s house price has risen by around 20 %. Also, the sale of condominiums has been on the increase in the past one year.
Condominiums offer a number of amenities but owners must be ready to share common areas such as corridors, recreational rooms, and courtyards. The common areas are maintained and repaired by the association. Most of the condominiums have a superintendent or maintenance crew on call.
What to remember when buying condos in Toronto
Just like the sale of other houses, the sale of condominiums has a procedure that should be followed. The buyer may need to secure a mortgage and must sign a deed before he starts living in the house. However, such a deed does not offer the same level of ownership as that provided by a house. The buyer owns the inside space within the unit but is prohibited from making changes even when such changes are considered beneficial to them. New fixtures and supporting walls could be installed. The owner may also be restricted from carrying out exterior painting or outdoor painting. He may not be allowed to cut a tree or plant one. When such activities are allowed, they must conform to the laid down procedures.
Generally, Condos in Toronto exhibit similar characteristics even though they may assume different forms structurally. There are special condominium communities which offer standalone houses and which may look like housing tracts. The owner just owns the inside space and may only be required to manage the air space inside his home.
Condos in Toronto have the following features
- Suites that have energy air conditioning/heating system
- Quality entry door with a hardware which includes a deadbolt
- Prewired with telephone outlets
- Provisions for internet and television cable outlets
- Are fitted with energy efficient windows
- Fitted with smoke detectors
- Fitted with carbon detectors
- The service panels are fitted with circuit breakers
As mentioned before, the prices of condos are getting higher each day. As a result, anyone who wants to avoid living further away from the city where of course the amenities will be less and must start saving right away and consider investing in Condos in Toronto. This is the right time one should consider living close to the city. With $200,000 you will be able to secure a condo in Regent Park area. Register now and get started.