Benefits of condo living: is the condo lifestyle right for you?

Purchasing a condo in our city is always an exciting experience. As the market is growing quickly, many investors and first-time homebuyers turn to the condo market because of its affordability compared to Toronto’s freehold residential market. At the same time, everyone has their reasons for getting into the condo lifestyle: some enjoy the amenities and security, but buyers also invest to take advantage of the appreciation value over time (buy and hold).

If you are thinking of purchasing a condo there are lots of reasons why it might be a smart move right now. If you’re looking to avoid the spring market madness, it would be a good time to look into purchasing a condo now.

Amenities

Many new builds now offer great amenities such as co-working spaces (calling all entrepreneurs, and work-from-home people!), indoor/outdoor pools, gyms, yoga rooms, and entertainment rooms. If you’re a person that enjoys much of these amenities, the monthly condo fees will be worth it for you.

Less Maintenance

Imagine this: you’re a hard-working individual who’s always on the go. It can be hard to find the time to maintain that front and backyard and shoveling the snow off your car and driveway. Or, where will you find the time to wash the exterior windows? Well, the building is responsible for the exterior cleaning of the building, maintaining the floors and elevators, and even shoveling the pathways (along with many other responsibilities). This is included in the condo fees, but hey, it doesn’t waste your time!

Security

The word speaks for itself. If security is a concern for you, this is reassuring because it reduces the risk of break-ins. Most buildings offer a 24-hour concierge and locked entries to ensure safety.

Proximity to downtown core and transit

Those that want to walk, bike, or take a short streetcar ride to work; purchasing a condo unit would be ideal for you. It saves (sometimes a lot of) commuting time, especially during rush hour. Additionally, it can save you thousands of dollars each year in fuel and car maintenance costs. It’s also a bonus that you live in a prime neighbourhood and are closely located to some of the best restaurants and entertainment in the city.

Appreciation

Statistics have shown that over the past few years condos have substantially appreciated in value. TREB reported that the average price of a condo increased “by 10.4 per cent from $558,733 in Q4 2018 to $616,591 in Q4 2019.”

If you’re interested in knowing more about the condo market feel free to reach out by clicking here. We take calculated steps to make your experience as stress-free as possible.

Article written by Fleur Boomsma