How to Buy Condos in Downtown, Toronto?

1. How to Buy Condos in Downtown, Toronto? Condominiums make up a huge portion of new properties currently under construction as condo ownership proves to be a better preferred investment option for new home buyers. This is in large part because condo prices are strong and are comparatively more affordable than a single-family home. On the other hand, people, especially young professionals see condos downtown Toronto as a more desirable option, lifestyle wise, while others find condo living the best and most realistic way to own a home, especially in an expensive market such as Toronto. There is really no one size fits all approach that you can follow when in the market for condos downtown Toronto, but you can keep in mind smart guidelines that can help you make a sound investment decision. For instance, buying a condo will likely bring you upon a choice between a newly built or pre-construction property and a resale or an existing condo. In the past, purchasing a pre-construction property costs less than buying one that’s already built within the same location or neighbourhood—which makes perfect sense since you will be allowing your hard-earned money to sit with a developer and facing risks of uncertainty regarding build timelines, finishes, layouts, and the like. Today, however, pre-construction condos tend to match and even exceed the prices of already- constructed and ready to move in condos, which may seem appealing albeit nonsensical, since it is always a better financial move to invest in something that you can put to use immediately as opposed to betting your money on a contract that will remain just a piece of paper until the actual building materializes. This is something that you should consider when shopping for condos downtown Toronto. Another aspect you should look into would be the amount and kind of shared amenities that you can gain access to when buying into a condominium. Today’s condos downtown Toronto are oftentimes a part of much larger developments, such as those comprised of multiple buildings sharing common amenity spaces. The great thing about this kind of arrangement is the fact that the more people sharing the cost of development and maintenance of these facilities, the cheaper prices become.