As urban skylines continue to climb, supertall condominium towers—those reaching over 65 stories or 250 meters—are increasingly prominent in cities like Toronto. These architectural giants offer breathtaking views and upscale...
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In Q4 2024, the Greater Toronto Area (GTA) condo market experienced notable shifts, with sales increasing by 25.5% year-over-year, signaling improved affordability and buyer confidence. Despite the sales growth, average prices dipped by 1.6% to $689,198, while active listings surged by 43%, giving buyers more negotiating power. Market trends varied by region, with Downtown Toronto favoring smaller units for young professionals, while North York and Mississauga saw stronger demand for larger living spaces. Additionally, a record-breaking 29,800 new condo completions put downward pressure on rental prices, particularly for smaller units, though demand for three-bedroom units remained steady. As the market continues to evolve, shifting buyer preferences and economic factors will play a key role in shaping future trends.
Read MoreLiving in a condominium comes with unique perks and responsibilities. To maintain harmony in your condo community, it’s essential to understand the boundaries between your private unit and shared common areas. These divisions impact everything from decorating your door to managing condo maintenance fees. By reviewing your condo’s declaration and respecting community rules, you can enjoy a smooth and balanced living experience while contributing to a pleasant environment for everyone. Discover how understanding your space can help you make the most of condo living!
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Did you know the #1 pitfall of buying a condo? Many buyers are drawn to low maintenance fees, thinking it’s a smart way to save money. But here’s the catch: a low fee could mean an underfunded reserve or neglected maintenance—leading to skyrocketing fees or costly repairs down the road. Don’t let short-term savings blind you to long-term costs!
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Investing in a preconstruction condo can be an exciting opportunity, but it comes with its share of risks. The risks could be: 1. Paying premium pricing, a hike of management fee after 2 years, uncapped development charges, occupancy fee and limited control during interim occupancy, completion delay, change of floor plans and projected amenities, deficiencies of construction and prolonged remedy, HST implications, ongoing construction in the buildings and possible financial loss due to developer bankruptcy and project cancellaion
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Thinking about buying a pre-construction condominium in Ontario? Be sure to consider the risks before making a decision. While these properties can offer potential benefits, it’s important to be aware of the potential downsides. Here are 10 risks to know before buying a pre-construction condominium: 1) More expensive than re-sale condos; 2) Increasing condo management fee 3) Suprise of developmet charge; 4) Potential high occupancy fee before final closing; 5) Delay of construct completion; 6) Change of floor plans and design; 7) Change to building amenities 8) Construction Defects; 9) HST Charges; 10) Lack of amenities and services during the construction phase; 11) Potential for developer bankruptcy or insolvency; Ensure you thoroughly research and understand these risks to make an informed decision about your pre-construction condominium investment.
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Are you a condo owner or thinking of becoming one? Understanding Special Assessments is crucial when it comes to your finances. Find out what they are, who decides on them, and why they are levied. Discover how your share is calculated and the potential consequences of non-payment. While Special Assessments may have a negative impact on property value, you can avoid them through sound financial management. Review the condo status certificate thoroughly before making a purchase decision and ensure your financial well-being.
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A condominium’s reserve fund is a crucial financial account integral to the long-term stability and maintenance of a condo community. This fund is essentially a savings account, set aside to cover the cost of major repairs and replacements of common elements within the condo complex, such as roofs, elevators, parking lots, and HVAC systems. The purpose of the reserve fund is to ensure that the condominium has sufficient funds available to handle significant expenditures without resorting to imposing large special assessments on the unit owners. Here are some key points you need to know about Condo’s Reserve Fund
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Embarking on the condo buying journey in Ontario requires a clear understanding of its unique two-stage closing process. This blog aims to provide you with the knowledge and confidence to navigate this journey successfully.
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Living in a condominium, or condo, offers a unique lifestyle that comes with both advantages and disadvantages. Here’s an excerpt outlining some of the key pros and cons of condo living
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Owning a home is a significant milestone in many people’s lives, representing stability,...
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Discover the undeniable significance of a status certificate when investing in resale condos. A status certificate acts as your trusted ally, providing essential information about the property’s financial health, legal matters, and overall condition. With its comprehensive details, you can make informed decisions, ensuring a smooth and worry-free purchasing process. Don’t overlook the power of a status certificate—unveil the hidden truths and embark on your condo journey with confidence.
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