Category Archives: Condominum Information

Condominiums are quickly becoming a large part of life in Toronto – 20,000 new units are underway to become available in 2010, and the Toronto condo market seems to have notoriously avoided the economic repercussions of the recession.

“We have become the largest condominium market in North America in terms of new production – bigger than New York,” condominium consultant Barry Lyon told CBC last week. City banks provide insurance that the condominiums being built will be bought by somebody, as 70 per cent of the units must be sold before banks will lend them any financing for breaking ground, proving that there is definitely a demand and that people are buying them.

One of the largest driving factors in the condo boom is the amount of younger people buying them. Condos are an affordable option for buyers looking into first-time home ownership, which provides a much different view on condo life now than 20 odd years ago when the majority of condo owners were retirees. Nowadays, it’s the reverse – 80 per cent of condo owners in Toronto are young, first-time buyers.

Condos have often been considered somewhat beneficial to the environment, increasing development upwards, rather than encouraging urban sprawl outwards into surrounding areas.  One way the city of Toronto is trying to take advantage of this concept is by implementing a policy last week that forces condo developers with more than 20 units who are building on transit lines to buy every unit in their buildings a TTC Metropass for a year. Otherwise, they won’t get condominium approval from the city.

Described by city staff as a “transportation demand management measure”, councillor Howard Moscoe told the National Post last week, “I think we’re going to get awards for this all over North America,” and that the policy “will cause people on transit lines to abandon their cars.” The project’s main objectives are to reduce downtown Torontonians’ dependency on cars and encourage transit use. This will cost the developers an estimated $1400 per unit to be absorbed into their own expenses as this cannot be passed along to the buyers.

By Susan Eickmeier

A city councillor in the downtown Toronto area has put forth an amendment to the city’s building plan that would require builders to focus on adding more large, family-sized condos. The city’s plan currently puts more emphasis on increasing density in the downtown area and reducing the outward sprawl of residents, with not as much consideration to providing family-friendly amenities.

Adam Vaughan, councillor for the Trinity-Spadina ward, told the Globe and Mail this week that since he took office he’s asked developers to make ten per cent of their buildings three-bedroom units. This would allow a place for larger families that want to make the move to the downtown area, as well as encourage some of the condos to offer more family-oriented stores and services.

Builders have already started implementing recreation areas and day cares into their plans, but Vaughan said that is not enough to make it hospitable for families to move in. If there is no demand through the amount of children living there, there will be a lower enrollment at downtown schools and less services and activities that cater to children and their families.

Many people with children looking to move don’t often spend a lot of time considering condominiums. Much of the misconceptions about condominiums are based on the idea that they are usually better suited for the lifestyles of single people, seniors and younger couples.

All a condominium represents is a way for people to explore homeownership and still receive some of the perks involved with renting. Some of these benefits include security features, pools, tennis courts, board rooms and even bowling alleys – luxuries many homeowners would not typically be able to afford. Condominiums are low maintenance, the cost of upkeep is shared between residents and there is usually a superintendent on staff who can take care of your more basic repair needs, saving you the hassle of calling a plumber or electrician.   Some tips when looking into the condominium market are:

• Get to know your neighbours, all around and above and below. Community is a large part of the condo lifestyle and being friendly with neighbours will only increase to your comfort level.
• Check out the neighbourhood for all the amenities you’ll need, such as recreation centers and family activities, schools and parks.
• Remind your family about appropriate noise levels while living in a condominium and ask about soundproofing.
• Ensure the floor plan, balcony and amount of bedrooms and bathrooms are suitable for you and your family.

With more emphasis on providing condominium neighbourhoods with services geared towards families and children, a condo can be a perfect way for families to begin experiencing homeownership.

Susan Eickmeier is a Sales Representative with Royal LePage R.E.S. Ltd/Johnston & Daniel Division working in the Central Toronto market.  Susan is also a regular contributor to the Muddy York Blog. Susan’s website is located at www.susaneickmeier.com