The Ups and Downs of Downtown Condo Living in Toronto and the GTA
To take in as much of what the city has to offer, urban home buyers show immense interest in downtown condo living in Toronto and the GTA. But incredibly different styles of living exist between residential homes and urban condominiums.
Before making this major lifestyle decision, read up on the pros and cons of condo life and how it stacks up against the residential options.
Sure, condos are typically cheaper than houses but consequently almost always smaller. Condos aren’t good for large families with many children nor are they ideal for homeowners in need of vast storage space. They are, however, popular with new, younger buyers.
This factor essentially boils down to how you want to balance living space size with cost, which entirely depends on your situation and preferences. Downtown condo living, while high-class, can feel cramped at times thanks to the compact nature of cities. Some homeowners may love this, while others will find it difficult if they are used to a larger house.
When you buy a condo, you don’t completely own it. Rather, you are signing a contract with the homeowners’ association that will handle services like maintenance, security, and landscaping in exchange for your compliance toward its living regulations.
What that means is you’ll get less freedom to customize your gardens but don’t have to spend the time and resources raking the leaves in the courtyard yourself.
These regulations range from enforced quiet hours to a complete ban on pets and differ immensely from association to association. Think about how much control you want before switching from a house to a condo.
Living a condo lifestyle in Toronto comes with it all the pros and cons of living in a large city.
The urban location puts you in close proximity to local restaurants, transit, and entertainment. Need a quick trip to the grocery store? It’s only a few steps away!
On the flip side, you get less privacy since condominium rooms tend to be closer together. Noise from the neighbors combined with the nearby hustle and bustle of traffic make downtown condo living in Toronto and the GTA non-ideal for those demanding everyday silence.
Amenities are the extra features condo sellers add on to sweeten the deal. Services like gymnasiums, swimming pools, and rooftop decks that would be non-feasible in a residential setting can be paid for by contributions from multiple condo residents.
Remember that you will be paying for these amenities whether you use them or not. Be honest with yourself on how often you’ll use the pool before spending extra every month.
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● Do you prefer living in a house or a condo? There are pros and cons to each side, and the decision often comes down to circumstances and personal preference.
● Condos tend to be cheaper, located near public shops, and complemented with nice amenities. At the same time, houses are larger, don’t come with as many rules, and offer a quieter living space.
● For an exclusive, early look at activity in the Toronto condo market, subscribe to the Tomycity newsletter, the most invaluable resource for living a condo lifestyle in Toronto and the GTA.