Should Families Consider Condo Living in Toronto?

The Toronto real estate market has been through numerous shifts over the years. Overall, conditions seem to be getting tighter, especially for families seeking detached homes.

Fortunately, a little creativity and open-mindedness will go a long way to finding an ideal place that suits everyone’s needs. For example, many potential buyers overlook the condo market, but there are many advantages to consider. In fact, many buildings throughout Toronto and Etobicoke are even more perfect for families than a larger detached home can offer. In this post, we’ll take a look at some of the reasons why. 

A World of Convenience and Free Time

The idea of not having to spend a lot of time maintaining a large property understandably appeals to older retirees and downsizers who physically cannot handle the work involved. 

However, think of how much families could benefit from the extra free time.  Instead of having to shovel snow in the morning before your workday begins, you could be enjoying a leisurely breakfast with the kids. 

In the spring and summer, think of how much time you will save when an outside property management company steps in to cut the grass and handle all of the landscaping. You and your family reap the rewards without doing the work, which gives you much more quality time together.

Background research is essential to help you find the right home for your family. The posts below will help:

• How Can Home Buyers Find A Great Deal In Etobicoke? 
• Can You Still Buy A House In Etobicoke For Under $1 Million?
• How To Tell If Your Dream Home Is A Money Pit Or A Worthwhile Investment

Convenient Living, Supportive Communities

Some families shy away from condos when searching for a new home because of their size. That said, condos can provide more living space than you realize. 

The units themselves often boast generous floor plans, with multiple bedrooms and bathrooms. However, the benefits go far beyond the square footage.

The defining feature of many condo buildings is shared space. When you factor in amenities such as playrooms, outdoor gardens, rooftop patios, fitness centres, and even swimming pools, your condo can feel absolutely sprawling, with more living space than you could ever dream of in a detached home.

The difference is these areas are shared with other residents in the building. Every day, you have the chance to meet new people and even form lifelong friendships. Loneliness or boredom are not options when you’ve found the right community!

The question now is, how do you find the ideal place for your family? Let’s dive a little deeper into the extensive options you find throughout Toronto and Etobicoke.

Access to quality education is critical when searching for a new home for your family. Our article How to Find Great School Options in Etobicoke will help. 

The Character of Older Buildings

It’s hard to find any property that compares with the charm and heritage of an older building that has been meticulously maintained. The neighbourhood is well-established, with mature landscaping and proximity to convenient amenities. Shops and restaurants are typically nearby, as is easy access to public transit.

In addition, units in older buildings tend to feature generous square footage, making them the perfect alternative to detached homes in Toronto. Closed floor plans are more common, which can provide families with greater noise control and enhanced privacy. Best of all, lower prices make purchasing an established condo one of the most accessible options around.

If you love the character of older architecture, you’ll want to ensure that the building is sound before placing offers. Requesting a status certificate is a great way to perform any background research, including current condo fees and how much they might increase over time.

Planning Your Future With Pre-Construction

If you are on a flexible timeline, a pre-construction project can be the perfect option for your growing family. Toronto and Etobicoke are home to numerous new developments.

Many of these units will feature gorgeous open-floor plans and multiple bedrooms and bathrooms. Like older condos, extended amenities can include fitness rooms, party rooms, rooftop patios, and outdoor playgrounds right on site. Some new buildings even offer guest suites, which means you can host overnight visitors without giving up your privacy or feeling cramped. If you decide to pursue a pre-construction condo, there are several things to be aware of.

• Make sure you know what the base model includes and what upgrades are available. Your purchase price can add up once you start adding extras.
• Understand that delays can happen and that your move-in date is not guaranteed. Pre-construction is best for those who have flexible arrangements and access to temporary accommodations if necessary.
• Be aware of the extra costs associated with new developments, including occupancy fees and HST (which does not apply to resale homes or condos.)

Understanding the Etobicoke real estate market as a whole will help you make the best decisions. Here are some resources you don’t want to miss:

• Know the Real Estate Cycles and Hack the Market 
• What Is Going On In The Etobicoke Real Estate Market Today?
• Why Working with a Local Etobicoke Realtor® is More Critical than Ever

A Vast Selection of Townhouses

The Toronto condo market includes a wide array of townhouses, many of which are perfect alternatives for families. You and your family can enjoy many of the benefits of a maintained building where yardwork and snow removal are included.

You’ll also get the advantages of living in a detached home, with outdoor space for children to play or to host afternoon get-togethers and BBQs. Many townhomes also feature a driveway and attached garage, which are enviable features in a busy city where parking is at a premium.

As with apartment-style condos, your options can range from older units in need of a little TLC, newer-builds, and pre-construction projects.

Townhouses are typically more expensive than apartment styles but far more accessible than detached homes, making them an ideal choice for many prospective home buyers.

Weighing Your Future Options

The type and structure of your next home will depend on a few different factors. Your budget might be your number one priority for now, especially with housing prices as high as they are. 

However, there are other things to keep in mind when searching for a family-friendly home.

• Your family might consist of furry, four-legged members. When buying a condo, is it pet-friendly?
• A small condo might work while you are young and your family is small, but what are your long-term goals?

Whatever your future plans are, getting onto the property ladder with a condo now will benefit your entire family as time goes by. As your unit grows in value, your equity increases and more options become available. 

Do you want to explore all of your options for buying in Toronto and Etobicoke? Reach out today to contact@thompsonsells.com or call 416-450-5900 for more information.