With more inventory on the market across Toronto and the GTA than we've seen in years, it's a great time to explore condo ownership. If you’ve been renting and thought buying was out of reach, you might be closer to owning than you think! A 5% down payment is all you need for properties under $500,000. And for any amount between $500,000 and $1,000,000 you need 10%. So, on a $600,000 condo, your down payment can be as low as $35,000.
While many first-time buyer guides focus on the basics, this blog post takes it a step further. Beyond the typical advice, I’ll share crucial due diligence tips and often-overlooked factors that can make or break your condo living experience.
1. Understand the Builder's Reputation
Who is the builder, and what’s their reputation? Many newer projects in Toronto are built cheaply, with smaller units and lower-quality construction and finishes. This can lead to a variety of problems down the road. Condos that are 5-15 years old often strike the perfect balance—they've worked through initial issues and are usually better established. Buildings over 15 years can still be excellent, but keep an eye out for potential special assessments and rising maintenance fees. Do your homework!
Who is the builder, and what’s their reputation? Many newer projects in Toronto are built cheaply, with smaller units and lower-quality construction and finishes. This can lead to a variety of problems down the road. Condos that are 5-15 years old often strike the perfect balance—they've worked through initial issues and are usually better established. Buildings over 15 years can still be excellent, but keep an eye out for potential special assessments and rising maintenance fees. Do your homework!
2. Talk to the Residents
Getting firsthand information from people who already live in the building can be invaluable. Whenever I tour a condo with clients, I make a point of chatting with residents in the elevators or common areas. Here are key questions to ask:
3. Check Out the Building at Different Times of Day
A building’s atmosphere can change dramatically depending on the time of day. Visit during the day, after work, and at night to get a sense of the vibe. Is it quiet in the evenings? How busy are the common areas after work? Does this match your lifestyle and needs?
Getting firsthand information from people who already live in the building can be invaluable. Whenever I tour a condo with clients, I make a point of chatting with residents in the elevators or common areas. Here are key questions to ask:
- What are the elevator wait times like, especially during peak hours? Is it common for elevators to be down?
- How often do fire alarms go off? A frequent issue in many downtown Toronto buildings.
- Is this a party building, or is it relatively quiet?
- How long have you lived here? This can give you an idea of the quality of life in the building.
- Have there been any issues with management? Good management is critical for a well-run building.
A building’s atmosphere can change dramatically depending on the time of day. Visit during the day, after work, and at night to get a sense of the vibe. Is it quiet in the evenings? How busy are the common areas after work? Does this match your lifestyle and needs?
4. Don’t Be Afraid to Knock on Doors
It can be a game-changer to meet the people who live next to the unit you're considering. After all, you’ll be sharing a wall! Politely knock on the doors of your potential neighbours and say something like, “I hope you don’t mind that I’m knocking on your door. I’m thinking about buying the next-door unit and just wondering if you like living here or if there’s anything I should know.” This will give you specific information about your floor and the people living next to you—important details for your comfort and peace of mind.
It can be a game-changer to meet the people who live next to the unit you're considering. After all, you’ll be sharing a wall! Politely knock on the doors of your potential neighbours and say something like, “I hope you don’t mind that I’m knocking on your door. I’m thinking about buying the next-door unit and just wondering if you like living here or if there’s anything I should know.” This will give you specific information about your floor and the people living next to you—important details for your comfort and peace of mind.
5. Ask Questions That Apply to Your Lifestyle
Tailor your questions to your personal needs. Planning to use the gym frequently? Ask how busy it gets. Have kids? See if the building is family-friendly or mostly young professionals. This will help you assess whether the building aligns with your lifestyle.
Tailor your questions to your personal needs. Planning to use the gym frequently? Ask how busy it gets. Have kids? See if the building is family-friendly or mostly young professionals. This will help you assess whether the building aligns with your lifestyle.
There is plenty of information online about each and every building in Toronto and reading this is a great starting point. However, that’s simply not enough. Make sure that you have all of the information. When it comes to such a major investment, you don’t want to make a mistake.