The Toronto Real Estate Board reports the average condo price is $353,665 in the Greater Toronto Area. While you may wait for prices to fall as predicted by some, you may also be ready to take the plunge into condo living.
Dan Barnabic, a former realtor, developer and consumer advocate, offers some sound advice in his book, The Condo Bible For Canadians: Everything You Must Know Before and After Buying a Condo.
Here are some of the key points to consider before buying a condo:
One of the biggest contributing factors to unhappy condo owners is the management of a building. Barnabic claims it’s difficult to “find a condo complex in which the tenants are very happy with the way it’s being run”. As a result, make a list of what is important to you, and make sure you meet with at least one person from the management team before purchasing.
When putting in a first offer, Barnabic suggests starting as low as 75% of the asking price. With nothing to lose (and thousands of condos to choose from), it really is a buyers’ market.
Last, when it comes to condo fees, the author suggests to simply do some comparison shopping. It’s the best way to determine the balance between what you’re looking for and what you’re looking to pay. Send us your stories about buying condos in Toronto! Fill in the form below or tweet us at @conciergeplus