Condo refers to a type of ownership not a type of building. A Toronto condo usually takes the form of a high or low rise apartment style building. However, some condos could be in the form of a factory loft or town house.
When you buy a Toronto Condo what are you actually buying?
- The physical unit that has a title to the space.
- A portion of the common elements in the building. This portion is a percentage relative to the size of your unit, the bigger your unit the higher percentage ownership you will have of the common elements. Common elements tend to include: elevators, hallways, the lobby and any other communal spaces i.e. gym, pool.
- The use of exclusive-use common elements. Some of these may include a parking spot, locker, balcony ect. The rights to exclusive use elements come with the unit, so if a parking spot is sold separately from the unit than it is not considered an exclusive use common element.
What are maintenance fees?
These fees are paid to upkeep the building and the common elements. A unit’s maintenance fee is proportionate to the size of the unit as compared to others. The bigger your unit the more you pay. Each month a part of the fees are set aside to build up the reserve fund for any major repairs.
Who is the Condo Corp?
The condo corporation is made up of all owners in a building. As a member of the corporation you have the opportunity to vote for the board of directors. The board handles the business affairs of the corporation.
Is my prospective Condo Corp in a good position?
A status report contains the pertinent information that will tell you if the building is in a good or bad situation. The creation of a status report is a legal requirement in Ontario. The status report outlines the following:
-All units percentage ownership of common elements
-All units rights to exclusive use common elements
-The condo corps rules and regulations
-Any special assessments that outlines planned major repairs
-Recent financial statements and budget
If you are submitting an offer to buy a Toronto condominium, you should include the condition that the purchase is conditional on the review and approval of the status certificate. If the building is not in good standing it should be clear to your lawyer or Toronto real estate agent upon review of the status certificate.
Is a condo a good investment?
As with any real estate, a condo could be a good or bad investment. It all depends on the building and the market. There are some great condo investments in Toronto and there are also some terrible investments. Look to the advice of your Toronto real estate agent as to whether the building you are looking at is a good investment.
Building inspection, should I have one done?
It all depends. Many buyers of new buildings will not bother with an inspection, but you may want to consider having an inspection done on older buildings. An inspection should include the review of the major systems to ensure the necessary repairs are anticipated and planned by the condo corp.
Is condo living right for you?
Condo living is not for everyone. It offers convenience, security, and amenities that would not be available in a home at the same price. First time buyers find condos a good option as it is usually a good amount of space for the price. Baby boomers are also finding condos a great option as they are more convenient and less work to maintain than a home. But in the end any individual may find some condos features that they like and perhaps some that they do not.
Evan Sage is a Sales Representative with Royal LePage R.E.S./Johnston & Daniel Division. Evan is also a regular contributor to the Muddy York Blog. Evan’s web site is located at www.evansage.com.
We might be seeing the end of the recession within Canada; however it does not mean that you should not try to save money where you can. With this said, a great way to save money is to add some green to your home. Making your home green is not a difficult task, and it allows you to save a few hundred dollars over the years to come.
This weekend marks the 10th annual Buskerfest, hosted by Scotia Bank. The festival will take place in the heart of the St. Lawrence Market from Thursday August 27-Sunday August 30th and it is entirely free. Donations are very much welcome to Epilepsy Toronto which is an organized designed to promoting independence and quality of life for peoples with epilepsy and their families.
Blue Rodeo at Molson Amphitheatre
By Craig Homewood
It’s not real estate related but I can’t resist the urge to write about the Blue Rodeo concert Thursday night at the Molson Amphitheatre in Toronto. My wife was at the cottage and my friends otherwise busy and so I decided, “what the hey, I’ll just go myself” and I am glad I did. It was Blue Rodeo’s 10th annual show at the outdoor lakefront performance site and a large crowd gathered (19,000 is capacity).
The grass area, where I sat, sold out but there was room to be comfortable under the late summer evening sky. The affection shown by the crowd towards the band really impressed me (many seem to have been to lots of Blue Rodeo concerts) and they responded by putting on a great two-hour, two-encore performance. They played many of their hits (“Try” was one of the encore numbers) as well as some new songs from an upcoming release, and even a few sing-alongs.
To bring this back to real estate, it made me appreciate living in a city where we have a facility such as the Amphitheatre and can see such great performances.
Craig Homewood is the Broker & Branch Manager of Royal LePage Real Estate Services office at 1391 Bayview Avenue. Craig can be reached at rlpbayview@royallepage.ca or visit www.royallepage.ca/bayview.
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