As a major metropolitan city, Toronto has its fair share of condos with more developments joining the skyline every year. However, many of these new condo buildings are different from their predecessors of decades past.
Most condo buyers don’t realize that there’s a big difference between older condos and newer ones. Beyond just the physical age of the property, condos tend to offer a different lifestyle depending on the year they were built. So, if you’re on the hunt for a condo in the near future, you’ll want to consider these differences as you start searching for the perfect one.
Condos: Past Vs. Present
Condos in Toronto have evolved significantly over the past few decades. In simple terms, older condos tend to be bigger, with a greater emphasis on making the unit itself feel as comfortable and homey as possible. New condos are more compact but they typically come with a more robust range of on-site amenities, offering an added degree of convenience
Every condo building is unique, so exact differences will vary case by case. However, this is the most visible (and common) distinction when we look at condos built today versus condos built 30 or 40 years ago.
Thinking about downsizing to a condo? Explore these blogs for more helpful advice.
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Lifestyle Oriented Properties
One of the advantages of buying a modern condo in Toronto is the elevated lifestyle that it affords. In recent years developers are responding to shifting trends in buyer preferences – creating lifestyle-oriented properties that aim to improve owners’ quality of life.
Modern condos boast a wide range of sight-after amenities that add an extra degree of convenience for residents. While some older buildings do have certain value-adding features, the volume and variety of on-site amenities are typically lesser.
Common Modern Condo Amenities Include
- Guest suites
- Fitness facilities
- Swimming pools and jacuzzis
- Common areas and terraces
- Co-working and social spaces
- On-site concierge services
- Secure parking
- Electric vehicle charging
- Car wash bays
Finding the Right Balance
Amenities are one of the primary attractions for people looking to buy a newer condo in Toronto. That said, these amenities come at a cost. In a general sense, the more maintenance-intensive or extravagant a building’s amenities are, the higher your condo fees will be. As a result, buyers who go for a new condo should try to find a property that has enough amenities that they’ll use and enjoy, and as few irrelevant ones as possible.
Be Cautious of New Developers
Another potential pitfall of buying a modern condo is that many active developers in Toronto are extremely new. With the high demand for housing in the city, more and more condo development firms are forming every year looking to get in on the action. On one hand, having more developers provides buyers with more options and selection. On the other hand, not all of these developers are experienced. In fact, some of the new condos in Toronto have been built by developers who have just started in the last five years.
Choosing the right developer to work with is extra important if you’re in the market for a pre-construction condo. While buying pre-con has its perks, there are a number of special considerations too – especially around delays. With that in mind, making a major financial commitment to a developer that’s inexperienced can be risky. If something goes wrong, you’re essentially paying for their mistakes.
On the other hand, older condos (which are often built by reputable developers) have already stood the test of time. You’ll know what issues the building (or developer) has faced and have an idea of what concerns could arise in the future.
Not sure if you want to live in a condo? Check out these blog posts for unique insights.
- Not Ready For Condo Life? 3 Alternatives For Downsizers
- Downsizing as a Snowbird
- Your Questions About Garden Suites Answered
As an experienced and collaborative real estate team, we can help you navigate the process of rightsizing. When you’re ready to begin your next chapter, get in touch. Click here to send us an email or call 416-587-3300.
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