16 Best Downsizer Precondos in Toronto

Published October 21, 2020

Last modified: October 28, 2020

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

16 Best Pre-Construction condos for downsizing:

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

Downtown

  • Aqualuna // Tridel – Queens Quay + Lower Sherbourne
  • One Yonge // Pinnacle – Queens Quay + Yonge St
  • 123 Portland // Minto – Portland + Adelaide

East End

 

1. Less renters is 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

 

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 jordon@precondo.ca and check out Precondo.ca.

 

j

Jordon

Jordon deals exclusively in Pre-Construction Condos. Not taking on any Resale clients allows him to focus in on his niche and provide unparalleled advice and knowledge to Precondo’s clients. Feel free to get in touch with him here​.

Leave a Reply

Your email address will not be published. Required fields are marked *

*