A condominium is a private unit that’s owned by an individual and is situated within a larger residential complex. Condos are located in desirable areas within cities and usually come with several shared amenities, such as a gym, swimming pool, party room, etc. A homeowner’s association typically manages these common areas and sets forth specific rules and restrictions at the building level, while also charging monthly fees.
Are condos a good investment?
Buying a condo is a smart choice if you’re new to real estate investment. For instance, apartments for sale are less expensive than single family homes and require less maintenance. Granted, they also don’t appreciate in value as much as houses and come with homeowner’s association fees and specific rules and restrictions. Even so, condos can still offer decent returns when rented out. In addition, there’s often increased interest in condos due to their desirable location and amenities, so finding tenants should be easy. Alternatively, if you’re a condo owner residing in your own unit, you can become a real estate investor a few years after purchase. You can refinance your mortgage, extract some equity, rent out the condominium and then use the equity plus the rental earnings to buy your next property.
How many condos for sale are available in Toronto, ON?
There are 5,165 apartments for sale in Toronto, ON, with prices ranging from to .
How do I search for condos for sale in Toronto, ON?
Browsing Toronto, ON apartments for sale has never been easier on Point2! Narrow your search by filtering listings based on price, square footage, number of bedrooms and bathrooms, year built, etc. Additionally, sort Toronto, ON condos for sale according to price drops in the last six months so you never miss a bargain. Interested in condos for sale near your location? Use the map view to find apartments for sale nearby.
What is the difference between a condo and an apartment?
An apartment is a unit in a building owned entirely by a landlord — a leasing company that handles all the rentals. Conversely, a condo is owned by an individual who either lives in the unit or rents it out. Essentially, you can buy or rent a condominium, whereas you can only rent an apartment. Unlike apartments, condos are newer and more common in larger cities and in more desirable locations. They’re also often associated with luxury living, offering a wider set of amenities and facilities than apartments.
What is the difference between a condo and a townhouse?
A condo is an individual unit within a large residential complex that shares several walls, as well as the floor and/or ceiling, with other condos. In contrast, a townhouse is a vertical structure with multiple levels and only one or two walls in common with adjacent units. Notably, townhomes usually include a larger total living space and offer more privacy. As opposed to condominiums, owning a townhouse means not only owning the interior of the property, but also the land it sits on, so you’ll have a private front and backyard at your disposal. As a result, townhomes tend to be more expensive than condos.
With a population of close to 3 million people, Toronto is the largest city in Canada (based on population). It is also the capital city of the province of Ontario.
Located near the communities of Mississauga, Brampton, Vaughan, and Ajax, the city sits in the southwestern corner of the province on the coast of Lake Ontario.
Toronto has over 630 square kilometres of residential, commercial, natural, and industrial areas and has a rich history. Almost 50% of the city’s population belongs to visible minority groups, making for an interesting multicultural community.
How much is an average condo in Toronto, ON?
The median price for a condo in Toronto is $681,000 (According to Toronto Regional Real Estate Board (TREB), as of February, 2020)
How long do condos stay on the market in Toronto, ON?
Most condos for sale in Toronto stay on the market for 15 days. In February, 176 homes have been sold in according to TREB.
What are some of the most popular neighborhoods in Toronto, ON?
These are some of the most popular neighborhoods in Toronto: Entertainment District, Yorkville, Distillery District, Chinatown, Kensington Market, Little Italy, Queen West.
What are some of the safest neighborhoods in Toronto, ON These are some of the most secure neighbourhoods in Toronto Forest Hill South, Runnymede-Bloor West Village, Mount Pleasant East, North Riverdale, Lawrence Park North, Danforth
Toronto’s housing prices are on the high side, with average costs ranging from $550,000 to $850,000.
The city’s western and central sections have many high-rise residential buildings, as well as more expensive single-family homes (detached and row houses).
Commercial spaces tend to be retail-based, and there are some vacant lots.
A mix of single-family homes, high-rise and low-rise multi-family units, and row houses are offered in the southern section, as are office and retail spaces.
Most of Toronto’s condo options are located in the city’s downtown, along Lake Ontario.
The College Condominium at Spadina was completed by Tribute Communities in 2016 and has 226 units in its 15 stories.
The building is in the highly desirable neighbourhood of Kensington Market and features amenities such as an exercise room, a theatre room, a guest suite, concierge service, and a terrace.
Unit prices range from $590,000 to $810,000. Currently under construction is Ten York by Tridel, a luxury building that will be 65 stories high and will have 725 units ranging in price from $1,500,000 to $3,200,000.
Overlooking Lake Ontario, the building will include features such as a spa, guest suites, a theatre room, a pool, an exercise room, and concierge service.
North Toronto and Yonge & Eglinton are two neighbourhoods that have also seen recent condo development.
Whitehaus Condos, a joint project by Lifetime Developments and Knightstone Capital Management Inc., is in the preconstruction phase, with units priced between $680,000 and $920,000.
When complete, the building will be 29 stories with 358 units, and will include an artist studio, a dog wash station, a lounge and bar, and a fitness centre.
101 Erskine by Tridel is currently being built and the building’s 420 units will range in price from $530,000 to $1,700,000. It is located close to public transportation and other conveniences, and will be 32 storeys once complete.
Business and finance are big industries in Toronto, and the city has a financial district that is home to many banks and brokerage firms. The five largest financial institutions in the country, which include CIBC, BMO, TD, RBC, and Scotiabank, all have national offices in the city. Also, Toronto is home to the seventh-largest stock exchange in the world (the Toronto Stock Exchange). Other major industries in the city include TV and film production, publishing, information technology, manufacturing (mostly a distribution point), media, and telecommunications. The city’s unemployment rate tends to sit around 6% to 7%, which is similar to the national rate.
The Toronto Transit System operates public transportation in the city, which includes buses (over 1,800), rapid transit (over 750), and streetcars (over 250). There are close to 150 bus routes in Toronto that provide transportation to over a million people each day. The city’s subway system (rapid transit) has four lines: Line 1 Yonge-University, Line 2 Bloor-Danforth, Line 3 Scarborough, and Line 4 Sheppard. A fifth line (Line 5 Eglinton) is expected to open in the next several years. The streetcar network is found mostly in downtown Toronto and has 11 lines. Other transportation in the city includes Greyhound (long-distance bus) and the Toronto Pearson International Airport.
Since Toronto is such a large city, the Toronto District School Board operates over 550 schools (primary and secondary). The city also has the Toronto Catholic District School Board, the Conseil scolaire de district du Centre-Sud-Ouest, and the Conseil scolaire de district catholique Centre-Sud. Private schools are operated independently and include university preparatory schools.
The Royal Ontario Museum is the largest museum in Canada and features 40 galleries of cultural and natural artifacts and displays such as dinosaurs, Canadian history, fine arts, minerals, European history, and space. More than a million visitors make their way through the museum each year.
The CN Tower is an iconic building in Toronto that was erected in 1976. At the time, it was the world’s tallest tower at 1,815.3 feet. The building features six glass-fronted elevators, a level with a glass floor (1,122 feet up), a LookOut Level (1,136 feet up), and a SkyPod level (1,465 feet up), which are all open to the public.