Toronto is a good city to live in. Not only is it Canada’s most multicultural city, but it’s also a venue for the most beautiful winter sports. But, what makes this city all the more enticing for condo buyers and renters? Our real estate agents share what you need to know in owning and renting studio condos in Toronto.
Why Live in Toronto?
While Toronto is known for its cultural diversity and picturesque sights, health and wellness are promoted throughout the city. There are numerous bike lanes and fitness tracks all around the city. Since the city experiences four seasons, all sports are possible. Kayaking and skiing are two of the most popular ones in the city.
The city is also a financial district. Though it makes studio condo rentals a bit more expensive, the convenience it gives is far greater. You have access to various key industries like financial institutions, education, and more.
Qualities to Look for in a Studio Condo
Looking for a studio condo similar to unit 2319 – 35 Hollywood Ave in Toronto can be easy if you know where to look and what to look for. One of the most important considerations is the location. To find the best place for you, take your time to explore the neighbourhoods and locations that feel right for your needs.
Consider the ease of public transport, access to the best schools and hospitals, and other amenities like parks. Assess also the price of the condos based on the location, floor number, renovations, view, access to natural lighting, amenities, the reputation of the condo, and other things.
Costs Involved in Buying a Condo in Toronto
Downtown Toronto is the biggest condo apartment market. A one-bedroom condo price can range from $500,000 to $650,000. A two-bedroom condo in Downtown Toronto can range from $750,000 to over $1,000,000.
The price depends on the neighbourhood, size, and proximity to public transport. The proximity to entertainment such as bars and restaurants, and to job centers are also considered in the pricing.
Other prime condo market areas include Mimico and North York. The average price of single-bedroom condos in Mimico can range from $500,000 to $580,000.
Land Transfer Tax
When buying properties in Toronto, you have to pay Provincial Land Transfer Tax as well as Municipality Land Transfer Tax.
Moving from one place to another requires a lot of help. That is why many people hire movers in order to make the task easier. This usually costs around $1,500 to $2,000.
If approved by a mortgage broker or a bank, the down payment cost can be as low as 5% of the purchase price for first-time buyers. For investors, this can be as low as 20%. Though down payment costs can be big, buyers can save for it or loan from another financial institution.
Legal Fees and Title Insurance
The legal fees include the professional fee of the lawyer who will do the closing for you. Title insurance may not be required but is highly recommended. This will protect you from any issues related to the title and purchase of the property. This usually costs around $1,500 to $2,000.
Buying or renting a condo in Toronto can be overwhelming, but knowing your needs and familiarizing yourself with the requirements will ease your search. You must consider the location, cost, and other amenities as well as the benefits and drawbacks before purchasing or renting one.