3 Questions to Ask Before Buying a Condo in Toronto

Buying your very own piece of real estate in Canada’s biggest and best city is one of the most exciting things you could ever do, but there are 3 questions that you need to ask before buying a condo in Toronto so you’re ready for the unknown.

Before purchasing a condo in Toronto, be sure to ask:

• Will the neighbourhood suit my lifestyle?
• What amenities come with the condo?
• Does the condo take care of repairs in a timely manner?

Where Should I Live in Toronto?

There are great areas to live in Toronto, but they tailor to certain types of people If you’re not a native Torontonian, and you haven’t spent a lot of time wandering throughout the city, you might not be aware of how vast the city actually is. There are neighbourhoods like Little Portugal, Little Italy, City Place, The Beaches, The Financial District, and so many more great pockets.

With so much to offer, you should spend some time to experience what life might be like in each area. However, for time's sake, you should be prepared to rule out certain districts completely if they do not support your style and pace of living. If overcrowded areas overwhelm you, stay out of the financial district, and if you like the bustle of the city and want the full urban experience, stay out of Roncesvalles.

P.S. – We'll be putting together a full guide on the different neighbourhoods of Toronto, so stay tuned for that!

A Condo With the Right Amenities Can Save you Thousands Per Year

As Canada’s most populous city, there’s a lot of competition in every area of living in Toronto. That means that condos are competing for the best residents, and one of the ways they can do this is by offering amazing amenities. If you’re a health and fitness enthusiast, make sure to tour every gym that the condos you view have to offer.

Some of the fitness facilities that are built into condos rival those of gyms that would charge you $100s of dollars a month to be a member at. This can amount to major savings over the course of the year, with the added bonus of time savings and convenience. Other higher end condos will offer amenities such as dry cleaning or car services, so be sure to ask about amenities that will be able to support your lifestyle and come as an added bonus to your investment.

If the Unthinkable Happens, Will Your Condo Take Care of the Problem?

In 2020, one of the biggest condo high rises in the country was left without water, and residents were initially told that it could be up to 7 weeks until water was restored. You can find the original article about the lack of water supply by clicking here. In this specific scenario, it was an extremely unpredictable case of an exploding water line, but the way in which the condo’s property management team responded to the residents was described as “extremely unprofessional”.

It’s important to do research on who is managing the property you’re purchasing your condo with, and that if a worst case scenario were to happen, that you would be taken care of in a timely manner. Always do your research, and make sure you’ll be prepared for the worst!

After you’ve identified where you want to settle in this spectacular city, give Sherwood a call at 1-(877)-241-6001 to speak with one of our mortgage specialists.

We know this city like the backs of our hands, and are fully prepared to match you with the best lending partners for your unique lifestyle needs!