Ultimate Etobicoke Condos Guide: 2019 Buying Tips | ThompsonSells.com

Whether you’re buying a starter home, downsizing, or snagging an investment property, purchasing a condo is a big deal. As such, you need to go into it feeling well-prepared and fully educated about your options and what’s involved. While there are certainly similarities, buying a condo is not quite the same as purchasing a home. We’ve created this ultimate Etobicoke condo buying guide to fill you in on all the facts about buying a condo unit.

We’ll walk you through everything you need to know, from getting pre-approved and choosing a realtor to find the right unit and tips for closing. Let’s jump in!

Want to see the buildings? Here’s the best Etobicoke Condos!

Get Pre-Approved

Before you even start looking at Etobicoke condos, it’s important to understand how much you can afford.

A condo through a balcony door.

 

Your mortgage provider is going to pre-approve you for a certain mortgage amount. They will take into account your financial and personal information and ensure you’re not stretching yourself. This, combined with your down payment, will decide the home price you can afford.

However, this is the maximum amount that you can spend and is based on generic factors. It’s doesn’t take into account factors such as your desired lifestyle, which is a personal choice that only you can define.

Thankfully, there is a way you can find out how much you can borrow before you even go through the official pre-approval process, and it’s pretty easy to do. In less than five minutes, using this tool provided by Invis, you can find out how much you can borrow.

Get Started

The best way to find out how much you can afford is to talk to your bank or an experienced mortgage broker. We’d be happy to put you in touch with one of our preferred mortgage brokers to assist you.

Choosing a Real Estate Agent

There are 54,000 realtors in Toronto. The services they offer, their expertise, and how much they will charge you differ significantly across the board.

Choosing a realtor who is right for you will make all difference when it comes to finding your dream condo in Etobicoke. Work with a local expert in Etobicoke who knows the ins and outs of the many different condo buildings.

Your realtor will be able to assist you with every step of the buying process, to ensure you get the right home at the right price.

Here are a few simple things to consider when choosing a real estate agent:

  1. Go Local – Select an agent who works in and is knowledgeable about the area and the many different Etobicoke condos you would like to buy in.
  2. Check Reviews – Interview several agents and talk to past clients who have hired them. Check out their online testimonials to get a feel for how they work.
  3. Make Sure of Availability – Scheduling can be a big deal so always make sure that the agent has the time work with you.
  4. Find Out What Makes Them Different – Let them explain to you what separates them from their competitors. There is a wide variety of services offered by agents, in terms of what is included and what is extra to their fees.
  5. Ask About Their Real Estate Network – Some agents are well-connected within the local area and can offer a one-stop shop. They’ll be able to recommend good home inspectors, lawyers, renovators, mortgage brokers, and more.

Always do your due diligence and check reviews and references from past clients before you hire a realtor.

Explore the Different Etobicoke Neighbourhoods

Every area has pros and cons and each neighbourhood in Etobicoke is unique. Check out our South Etobicoke neighbourhood profiles!

 

Etobicoke neighbourhood.

 

When making lists of what is important to you, consider which things are an absolute must and which items you are willing to compromise on. No matter how much money you have to spend, every neighbourhood will have some wonderful features and some other less desirable aspects. As such, there will always be compromises that you have to make with every purchase.

Factors to Consider When Choosing Etobicoke Condos

As mentioned, buying Etobicoke condos is different from purchasing a house in many ways.

 

An Etobicoke condo building.

 

Aside from choosing your desired neighbourhood, you also need to decide on which building you’d like to live in. No two buildings are exactly alike and each will have it’s own pros and cons. Here are some of the questions you might want to ask:

  1. Do the other resident’s in the building rent or own?
  2. What are the building features, amenities and perks? Will you actually use them?
  3. How close are the local grocery stores, cafes, restaurants, transport (GO, TTC & Bus), and green spaces?
  4. How long will your commute from Etobicoke to work be?
  5. Does the gym have everything you need?
  6. What are the condo maintenance fees and what do they cover?
  7. Is there parking and a locker?
  8. Do the elevators go out of service often?
  9. For guests coming over, is there parking or guest suite options?
  10. What’s the health of the reserve funds?
  11. What kind of plumbing is in the building?
  12. Is the building pet-friendly?

One of the best ways to get a feel for whether or not a building is a good fit for you is to simply go for a visit. Chat to the concierge and other residents to get the real scoop on what it would be like to live there.

If You’re Downsizing to a Condo:

Many of our clients who are considering downsizing to a condo just don’t know where to start. Indeed, the process can be overwhelming. Thankfully, with a little know-how and preparation, you can make the move a seamless one.

  1. Choose Your New Community/Building Carefully – Think carefully about which community you want to live in. Do you want to stay close to the area in which you raised your family? Or would you like to explore the convenience of downtown living? Do you want to be close to friends, your place or work, or your church?
  2. Consider Renting Before Buying – If you’re not 100% sure about your move, you might want to consider renting before you buy. While this option isn’t for everyone, it can be an excellent way to make sure you’ve made the right choice.
  3. Declutter Your Home Early – Decluttering and space management can be one of the biggest challenges for downsizers. Start early and get help. It might not look like you have a lot of stuff when you’re in a large home. But try cramming it all into a condo and you might find yourself with no space to move. When downsizing to a condo, many of our clients underestimate the work involved in purging their family home. It’s common to feel overwhelmed with the task and put it off until the last minute. Of course, this only adds to the stress of deciding which items to part with.

Downsizing doesn’t have to be stressful and some careful planning can go a long way.

Have Etobicoke Condos Dropped in Price?

You may have read the headlines that condo prices in Toronto are plummeting. Prices are building-specific and always determined by supply and demand. If there are more buyers in the market than there are supply of condos for sale, prices tend to increase. If there are more condos for sale than buyers searching then prices tend to go down. Right now, the inventory of condos for sale  has increased from where it was one year ago.

 

Loblaws - Maple Leaf Gardens

 

Currently, most condos in the Etobicoke area are taking a bit longer to sell. We’ve seen prices soften slightly. With more selection and more inventory on the market, it’s a great time to buy. We’d be happy to provide you with current market pricing for your preferred building.

If you’re thinking about buying a condo in Etobicoke soon, we’ve got some simple condo buying tips to help you make the right decision:

  • Buy what you can afford when the timing is right for you. Don’t feel rushed about pricing.
  • Buy real estate with a long-term view, not as a short-term investment.
  • Don’t try to time the real estate market. As history has shown us, it’s impossible to do with the Etobicoke and Toronto market constantly shifting.

Whatever your situation, an experienced local realtor can help you choose the option that’s right for you.

Pet-Friendly Etobicoke Condos

Etobicoke is a dream area for pet lovers, so it’s not a surprise that there’s great demand for pet-friendly condos.

 

An Etobicoke condo waterfront view.

 

With its abundance of parks and a spectacular waterfront trail, South Etobicoke is a great place to live and keep a pet. Most of the condos in this area accept animals, but there are several that really stand out in offering great conveniences for you and your pet.

  1. Mystic Pointe: 185 Legion Road North – Mystic Pointe is definitely a top pick for pet owners.  There are some great conveniences for you and your furry friend, including a designated area for dogs, a large dog park behind the condo, and one of the best neighbourhood pet stores.
  2. Waterscape Condos: 80 Marine Parade Drive – Location, location, location! Waterfront trails right at your doorstep are ideal for walking your pets.
  3. Jade Waterfront Condos: 2175 Lake Shore Blvd W – This is another great waterfront location perfect for leisurely walks with your dog.
  4. Westlake Condos: 2220 Lake Shore Blvd W – Westlake Condos has some truly beautiful landscapes and the location is what earns it a spot on the list. It’s very close to West Bay Park making it ideal for dog owners’ daily walks.
  5. Nautilus at Waterview: 16 Brookers Lane – The view of Lake Ontario just outside your windows at Nautilus is just one of the reasons to love this condo.  The fact that this beautiful property welcomes dogs and cats is a real bonus.
  6. Nevis Condos: 80 Palace Pier Court – This building makes the list of our top picks as there’s no restriction on your pet’s weight or size.  If you’re the proud owner of a very large dog, this may be the condo for you!

Just because a condo hasn’t been featured here doesn’t mean it isn’t pet-friendly. You’ll find that most Etobicoke condos will welcome cats, dogs, and more.

Condo Closing Costs

Closing is another one of those areas where a condo purchase differs from that of a house.

It’s important to have a firm grasp on all the expenses involved, so you’re not caught off-guard and scrambling to come up with some funds when it comes to closing on your dream condo. We’ve summarized the full list of condo closing costs below.

Pre-Closing Costs

  • Deposit with offer to purchase

Closing Costs

  • Down payment
  • CMHC / Genworth application fee (for high-ratio mortgages)
  • Legal fees, disbursements
  • Land transfer tax
  • Maintenance fee adjustment
  • Tax and interest adjustments
  • GST / HST

Post-Closing Costs

  • Moving expenses
  • Key deposit
  • Small renovations and repairs
  • Decorations (e.g. window coverings, light fixtures)
  • New furniture
  • Utility hook-up
  • Property insurance
  • Property taxes (holdback)

In the purchase of some pre-construction condos, you may be able to pay the down payment in installments, which can help buy you time to come up with the cash.

Condo Moving Tips

Moving can, unfortunately, be one of the most stressful major life events. However, with a little preparation and planning, you can minimize anxieties and even make it an enjoyable process.

Here are some of our Etobicoke condo moving tips to start you off:

One or Two Months Before Move Date

  • Book the movers
  • Label your things accordingly (move, donate, or discard)
  • If you rent, give your landlord notice
  • Dispose of flammable items such as paint and aerosol cans

Three Weeks Before Move Date

  • Drop off charity items or arrange for them to be picked up
  • Make arrangements for kids and/or pets on moving day
  • Start using up frozen food and staples
  • Purchase boxes so you can start packing
  • Plan the disconnection and connection of utilities
  • Arrange change of address with Canada Post so that your mail will be redirected

One Week Before Move Date

  • Finish packing
  • Pack a suitcase with all the items you’ll need in the first couple of days after the move
  • Clean out appliances
  • Arrange cleaning of your existing home on moving day

Most people tend to underestimate the time it takes to prepare for a move. Allowing yourself a little extra time can make it far less stressful.

 

Buying a condo can be an exciting yet nerve-wracking process. However, now that you’re armed with all the right information, you feel comfortable and confident that it will be a super-smooth process. We hope you’ve enjoyed this comphrensive Etobicoke Condo Buying Guide!

 

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