Studio Condos in Toronto

Share on facebook
Share on google
Share on twitter
Share on linkedin

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. 

Life in Toronto

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. 

Studio condo

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. 

Casa_1

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 Cost

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.

Down Payment

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.

Conclusion

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. 

Leave a Replay

Get Updated With The Hottest Launches

Tal Shelef
Tal Shelef is a know it all when it comes to pre-construction developments Canada Wide. His years of daily research and growing up on construction sites / seeing development sites grow from the ground up at an early age gave him a passion like no other. He uses his knowledge to educate Condowizard’s clients. Have a conversation with Tal and see how much value one phone call may provide you.

Recent Posts

Simplifying Your New Home Search!

Material on this page is not intended to conflict with buyers/sellers under contract with any brokerage. All information on this site is obtained through online sources and may not be reliable. If there are any changes you’d like us to make on any pages or if you are the owner of a development and would like us to remove your listing, Condowizard & Its owners will comply right away.

We represent you, the purchaser – not the builder. Tal Shelef – Sales Representatives @ iPro Realty.

Follow Us
Subscribe to our newsletter
© 2021 CondoWizard. All rights reserved.

Exclusive Content With Our Newsletter With The Best Hidden Projects