If you’re looking at downsizing from a detached into a condo, the first thing you need to be aware of is the fact that not all condo buildings are created equal
After years of selling hundreds of pre-construction and resale condos, there’s a few things that stand out to me as the most important factors to consider when looking to downsize
Midtown
- ANX // Freed – Dupont + Spadina
- Maven // Empire – Avenue + Dupont
- Auberge // Tridel – Eglinton + Leslie
- 321 Davenport // Alterra – Davenport + Bedford
- 900 St Clair // Canderel – St Clair Ave W + Alberta
- Uovo // Sher Corp – Yonge + Davisville
West End
- Edenbridge // Tridel – Humbertown Plaza
- Kingsway Crescent // Dundas + Humber River
- Bijou on Bloor // Plaza – Bloor West + Jane
- Junction Point // Gairloch – Dundas + Anette
- Mirabella // Diamante – Lake Shore + Windermere
Downtown
- Aqualuna // Tridel – Queens Quay + Lower Sherbourne
- One Yonge // Pinnacle – Queens Quay + Yonge St
- 123 Portland // Minto – Portland + Adelaide
East End
- The Poet // Fieldgate – Queen E + Leslie
- Terrasse at Hunt Club // Sunrise Gate – Kingston + Warden
1. Less renters are better
Nobody wants to live in a building where chairs get thrown from the balcony… generally, it’s best to avoid density and anything that allows Airbnb.
This typically leads to a much quieter, more enjoyable living environment
In my experience, the higher density a building, and the higher concentration of renters – the more likely you’ll experience issues like noise complaints, building wear and tear from people moving in and out, etc [1]
2. Boutique over high rise any day
This one can vary depending on what you’re looking for, and where you want to be
However, as a general rule of thumb – boutique buildings tend to be better buildings to live in
Take it from someone who has lived in both a 500 unit building and a 100 unit building – boutique is better
A lot of the time, the issues people have with “condo living” can be avoided by just going with a boutique. With a boutique build, you never/rarely have to worry about things like elevator issues, rush hour traffic, or circling down 5 levels of underground parking to get to your spot…
They tend to be far quieter and often boast better resale and rental values due to the lack of supply – not that it’s the most important consideration, but nonetheless, it’s something
Granted, I’m not saying that all high-rises are scourged by elevator issues or lots of renters, but you have to do your homework to avoid those buildings
3. Pre-Construction can be more expensive
General rule of thumb for you here is that pre-construction tends to be 10-20% more expensive than resale (second hand) condos
There are some exceptions to this rule – I’ve sold numerous pre-construction units cheaper than resale, and I’ve also seen some pre-con units asking +30% over market value as well
There are naturally benefits to buying pre-construction, not the least of which is being the first to own a brand new unit, but you’ll want to make sure you’re not grossly over paying
Case in point, clients of mine in a big old 5 bedroom detached recently reached out to me to downsize
We looked at a couple of pre-construction options around the midtown area, and they fell in love with one in particular… it was $1.7M.
My clients were adamant that they wanted to sign for that unit. I put it on hold for them, but asked them to meet me at an existing unit down the street for a quick peek
It was 400K cheaper than their pre-construction choice, but in my opinion – way better. They fell in love with the resale unit, and bought it the same day.
We’re renting it out for the next few years because they’re not ready to downsize just yet
Lesson here is remain flexible – don’t get too caught up on any particular option, and be willing to see some alternatives
If you want more info on any of the above or have questions please reach out at [email protected] and check out Precondo.ca.