Condo life in Toronto; is there anything in the world quite like it? Spectacular views from buildings that stretch into the sky, a world of convenience just outside your door, with easy access to public transit taking you anywhere you want to go. But with everything right nearby, chances are you’ll spend a lot of time exploring the shops, restaurants, and attractions in your own neighbourhood.

Toronto’s condo options are almost as vast and diverse as the number of people who live in them. Many buildings are full of character in quiet, quaint neighbourhoods, full of lush greenery and mature landscaping. Alternatively, you might look forward into the future and claim your stake on a unit that is still in its development stages.

Each of these options has numerous benefits and advantages, as well as a few things to consider. How will you know which path is right for you? In this post, we will endeavour to find out.

The Joys and Challenges of Pre-Construction

It’s no surprise that many people love the idea of buying pre-construction in Toronto. With so many exciting developments coming up, you can’t help but dream of life in your new condo once the door is open.

You spend many days and nights dreaming of that moment when you will finally turn the key. You step inside and take a breath in awe of the beauty of your brand-new home. The view is spectacular, and everything inside the unit and in the building is state-of-the-art.

As you unpack your belongings and sort out what goes where you just can’t help but feel so… glamorous. On a more practical note, you can also rest assured that any major issues that might trouble other home buyers will be taken care of by your ten-year Tarion warranty.

The amount of money you need to obtain a pre-construction unit can be less stringent at first. The deposit and down payment structure is typically spread out over time, giving you a chance to get the funds together.

Looking for more resources to help you find your next home in Toronto? You’ll get plenty of ideas in the posts below:

The Potential Drawbacks of Pre-Construction

Now, it’s just a matter of when you can move in. The question is, how long will that take? This brings us to one of the most compelling considerations before investing in a pre-construction condo. There is no definitive answer in many cases.

Pre-construction condos generally come with a stated move-in date, but delays are not uncommon. You will always want to have a contingency plan just in case things do not go according to schedule.

Because of the potential delays, pre-construction condos are often the best fit for first-time buyers, those seeking to retire, or even investors who are less constricted by lengthy timelines and possible disruptions.

The cost is another consideration before investing in a development project. Although the upfront down payment is often less, a pre-construction unit can be more expensive in the long run.

In addition to the extra costs of any upgrade you choose, there is also HST on the unit, as well as occupancy fees once you are able to move in and before the title transfer takes place. A real estate agent with condo experience can sit down with you to make sure you understand all of the costs that will be involved and to help you budget accordingly.

When and Why to Consider a Resale Condo

Resale condos can be more affordable than pre-construction, but not always. The first thing you will want to do is request a status certificate of any building you’re considering so that you can get an idea of its condition and how well it has been maintained.

A lower price is not an advantage if you end up getting hit with a special assessment or your condo fees increase shortly after you move in. The information contained in the status certificate could also indicate whether there are any liens or arrears from the previous owner that you could potentially be responsible for.

Resale condos can and should be less expensive as long as you’ve done the necessary research beforehand. Once again, a local real estate agent can guide you toward the best path for you and keep you comfortably within your budget.

An added advantage of buying a resale condo is that if the market allows, you may be able to negotiate some concessions or even a lower price. For example, when the market is slow, and there is a large inventory available, you will have significant negotiating power as a buyer. 

Resale or pre-construction condos are also perfect as investment properties! If the idea of investing in Toronto real estate intrigues you, learn more in the posts below:

Shorter Timelines, Greener Neighbourhoods

For some buyers, a resale condo may not be as exciting as getting something brand new and never lived in. However, an established unit also comes with a host of benefits and advantages. 

First of all, the timeline of when you can move in is typically much shorter. You do not have the long wait or potential delays that are so frequent with pre-construction condos.

Once a seller has accepted your offer, the closing date will typically be within 45 to 60 days of your purchase; then you get the keys and the unit is yours. A resale condo is often the obvious choice for anyone who wishes to move in shortly after their purchase. 

Many older condos also have more square footage than the new builds. Though the modern layouts of pre-construction condos may make them feel more spacious, older condos were typically built before we faced the housing crisis and land shortages that we face today. As a result, you could end up paying less for a unit that turns out to be even more spacious than you had hoped for. Your condo buying success is all in the planning!

Perhaps the biggest advantage of a resale condo is the neighbourhood you’ll be living in. With an older building, everything will be more built up around you, including the landscaping. Mature trees, lush parks and trails, and all of the big city amenities all await you right outside your door.

Do you want to explore your condo options in greater detail? Our Midtown Toronto real estate experts will be happy to answer any of your questions. Reach out today to david@batorigroup.com, bobby@batorigroup.com or call (416) 485-7575 to take the next step.