There are many reasons to buy a home in Toronto – after all, it was ranked as the best city to live in the world by The Economist. Not only is Toronto one of the safest cities in the world, with top career prospects and opportunities, it’s also a fun and exciting place to live. You won’t be short of restaurants, entertainment options, and culture. Once you’ve decided to buy in Toronto, there are many difficult decisions to make – choosing the right area, and the right type of home is essential. While some people opt for houses in the suburbs, more and more people are deciding to buy a condo in downtown Toronto. Here’s why this is an excellent choice.
Living in downtown Toronto means that all of the excitement and conveniences of city life are right on your doorstep. This makes it much easier to make the most of all that Toronto has to offer, as well as providing convenient travel and short commutes to work, grocery stores, schools and more. Those living downtown often find that they don’t need a car as many things are in walking distance, and public transport can get them to other parts of the city. They also enjoy more free time due to a much shorter commute to work. If you want to live in downtown Toronto, condos will be your primary living option, and there are many advantages to buying a condo.
Condos are significantly cheaper than single-family houses – the price difference between the average condo and the average detached home is around $700,000. Buyers love that this makes it easier to buy a home and that they have more disposable income to spend on city living.
People living in condos also save money and time on maintaining their home. Owners of single-family housing are responsible for the upkeep of the entire property, including the exterior and landscaping as well as the interior, which can take up a lot of time as well as becoming expensive. By comparison, those living in condos are only responsible for the inside of their unit, while the upkeep of the communal areas and exterior is taken care of by the condo association.
Condo owners also love that they can benefit from exciting amenities within their building. Facilities vary between buildings but may include a swimming pool, fitness center, concierge, daycare, or a range of other useful and exciting conveniences to enhance your city living experience.
With the increasing demand for condos in downtown Toronto, prices are sure to increase, making them a worthy investment. While many people choose to buy a condo and live in it for decades, others may decide to sell them on in a few years to make a significant profit. Another option is to retain ownership but lease out the unit for an additional stream of income. The future options are flexible.
There are many benefits to buying a condo in downtown Toronto, and with many exciting options to consider it’s an ideal time to look into listings.