Condo Culture

Wednesday Mar 08th, 2017

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he proliferation of today’s renovation and design ideas has resulted in our homes increasingly becoming a reflection of our distinct tastes and lifestyles. Entire condominium developments are in fact, created to cater to specific cultures and aesthetics.

Style and ease of living are so important to busy Torontonians that a TD Canada Trust poll conducted in April 2010 found that we are mainly drawn to condo living because it involves less upkeep. Further, we’re willing to pay considerably more in maintenance fees than residents of Canada’s other large cities.

Torontonians have come to recognize the benefits of condo living to such an extent that in little more than a decade, ours has become a vertical city, one where condominiums account for one in every three homes that changes hands in the Greater Toronto Area. In central Toronto, 60 per cent of resale transactions are condominiums.

If you’re planning on buying a resale condominium your REALTOR® will ensure that your offer is conditional on receipt of a status certificate. It confirms that the seller is current on the payment of common expenses and outlines the condominium corporation’s financial details. You should also receive documents that govern the corporation and a list of other documents that affect it. A status certificate costs $100 and must be delivered within 10 days of request.

Your REALTOR® can also help you evaluate a condominium’s amenities, which are now viewed by many as an adjunct to private living space. Look for significantly enhanced standard features like fitness facilities with current pools, spas and yoga studios, and indoor basketball courts. You can find lush rooftop gardens with gas barbeques and fire pits, billiard lounges, and even dog washing stations included in today’s condominium developments. With libraries, theatres, bars, and in some cases, housekeeping and room service available, you never have to leave the comfort of your building.

As a result, a strong sense of community has grown around condo developments with groups on social networking sites providing opportunities for neighbours to connect in just a click.

While many condominiums cater to well-educated young adults who value convenience and proximity to city life, they represent just one segment of the condo population. The TD Canada Trust poll also found that 36 per cent of those contemplating a condo purchase would consider raising a family in one. Seniors represent another key facet of the condo population and in fact, developments are also created to meet their specific preferences, featuring amenities like cafés, gourmet restaurants, reading rooms, greenhouses and salons. Drawn to the affordability of GTA property in comparison to other world cities, offshore buyers and new immigrants also comprise segments of the condo community. For virtually every demographic imaginable, there’s a Toronto condo designed to cater to specific tastes and lifestyles.

Providing for a good match between you and a condominium’s distinct culture, and protecting your interests by ensuring a status certificate is obtained are two of the many ways your REALTOR® can help in your purchase of a condominium. For more information visit www.TorontoRealEstateBoard.com

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