It’s no secret that the condo market is booming in Canada. An aging population and increasingly larger influxes of people into major urban centres like Toronto, Vancouver, and Montreal have created huge demand for new condo developments. In fact, Toronto has been dominating the North American high-rise construction market for the past several years, with over 130 high-rise buildings currently under construction, 90% of which are for residential purposes. Here are some important tips on what you should look for if you’re thinking of purchasing a new condo:
One of the first things you should do when purchasing a new condo is visit the building multiple times. For example, if the first time you visited your condo was in the daytime, visit during the evening the second time around on the same day of week. Make sure that you’ve visited the building at least twice during the week, and twice on the weekend. The culture and cleanliness levels of a building can change drastically, and you don’t want to base one of the biggest financial decisions of your life on a 20 minute visit. Many new condo buyers have the tendency to pull the trigger on agreeing to purchase their condos prematurely, without taking the time to properly evaluate each important factor of the deal. Ensure you avoid that scenario with careful checks and investigations before making your decision to purchase.
One of the nice things about a new condo is that new buildings often come stocked with attractive amenities like a gym, a pool, tennis courts, a BBQ area, or a social room to host large gatherings in. When buying a new condo, compare the amenities found in the buildings that you’re looking at and weigh the amenities against the price. Condo living is all about location and lifestyle, so the amenities your building offers are very important.
Check if the building you’re interested in has underground parking and storage lockers available. While you will have to pay extra for a parking space or a storage locker, the convenience of these features is often worth the price. Even if you don’t have a car, a parking space may be worth investing in if you want to rent it out to an individual who works near your building. If you’re in a multi-building complex, make sure that you purchase a parking space and storage locker in the same building you’re moving into.
When buying a new condo, the neighbourhood around your building is an important factor to consider. Research what neighbourhoods are up-and-coming. New businesses, restaurants or community areas in the area will positively impact the value of your new condo. Talk to a real estate agent or even historical records staff at City Hall to learn about where the development trend is headed in the area you’re looking at buying into.
The view from your condo is also important. The standard best scenario for a new condo is a south-facing window so that you get a great view of the sunset, but others may prefer to watch the sun rise. The floor that your condo is on can also affect price; generally speaking, the higher the floor, the higher the price.
Finally, be aware of rebates and other tax incentives that are available for new condo buyers. Companies like Rebate4U can assist new condo buyers in receiving an HST rebate of up to $30,000 if you’ve purchased that property as a rental property. Services like the one offered by Rebate4U have no upfront fees, and the company will only take a commission once the rebate has been issued.
Buying a new condo is becoming the reality for more and more Canadians regardless of their age. Knowing the ins-and-outs of the process, along with the lucrative rebates in place for new condo buyers will make the experience much more enjoyable and ensure you walk away with the condo that best matches your needs and preferences.