Is Owning a Condo in Toronto Worth It? 12 Helpful Pros and Cons
If you’re considering buying a condo in the Toronto real estate market anytime soon, you may be asking yourself, is owning a condo in Toronto worth it? There are definitely a lot of condo options to choose through many neighbourhoods in the city.
Condominium living offers great options for different types of buyers. From first time home buyers looking for an entry into the Toronto real estate market, to investors looking for an income property, to homeowners who may be looking to downsize their living space and reduce their maintenance responsibilities.
However, it’s important to consider the pros and cons of owning a condo to determine if it’s the right fit for your lifestyle, personality and financial situation.
Owning a Condo in Toronto: The Pros
Fewer Maintenance Responsibilities:
One of the biggest advantages of owning a condo in Toronto is that you have fewer maintenance and repair responsibilities. The condominium corporation takes care of the exterior of the building and common areas, freeing up your time and some budget to focus on other things.
Condos often offer access to a variety of on-site amenities such as a gym, swimming pool, party room, BBQ area and more. These are amenities that you may not be able to afford on your own, making condominium living a great option for those who want to enjoy these perks.
Many condominium units come with enhanced security features such as gated entry, front desk concierge and security personnel, and monitored common areas. You’ll also have peace of mind while you’re away knowing that your neighbours are close by.
Predictable Monthly Fees:
Monthly maintenance or condo fees are usually predictable, allowing you to budget accordingly. They typically cover all common expenses including utilities. This is a great option for those who are looking for stability in their monthly expenses.
As a condo owner, you have a say in the running of the condominium corporation. You have voting rights and can even be elected to the board of directors. This allows you to be a part of a community that may have a wide range of social, entertainment, and recreational activities.
Owning a Condo in Toronto: The Cons
Limited Control Over Maintenance and Repairs:
The condominium corporation takes care of maintenance and repairs on their own timelines. This can be frustrating if you have a specific timeline in mind.
You may have to pay for amenities that you might never or rarely use, like a gym or pool. It’s important to carefully consider which amenities are a priority for you.
Condominium units may have less privacy and potentially more noise from neighbours, guests and on-site staff. It’s important to consider this when choosing the location of your unit.
Special Assessment Charges:
There is a possibility of special assessment charges for unexpected building repairs. This can be a financial burden, as it raises your monthly expenses, so it’s important to budget accordingly.
Challenges with Consensus:
Like most communities, owning a condo in Toronto attracts individuals with a variety of personalities. It can sometimes be a challenge to reach a consensus, especially when it comes to making decisions about the community.
Condominium units often have less space, with smaller closets or room. So it’s important to consider if this is a suitable living arrangement for you.
There may be restrictions on things like noise levels, parking, pets, smoking, and even the style and colour of things like doors and window coverings. It’s important to understand these restrictions before making your decision.
Owning a condo in Toronto is a great option for many types of buyers, including first-time homebuyers and investors. However, it’s important to consider the pros and cons of Toronto condo ownership to determine if it’s the right fit for your lifestyle, personality and financial situation. Before making your decision, take the time to research different communities and units to find the perfect fit for you. Then get in touch with a trusted realtor to help you with your next steps.