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Top 10 Toronto real estate questions answered

BT Toronto | posted Wednesday, Mar 29th, 2017

for sale

Erica Smith and Lorena Magallanes from Condo Chicks Inc. share their tips for getting into the condo market–what should you be looking out for before making a purchase?

What are Condo reserve numbers?: The number determines the health of the building which is important for buyers to know. The financials will be detailed in the status certificate which should be reviewed by a lawyer to understand the financial health of the building.

Should you buy now? Choosing a time to buy is solely a personal decision.  At this point in time, demand is stronger than supply which is driving up pricing. Buyers have to understand that they will be paying a premium for any property right now and have to be okay with it.

When to buy? There is no specific time to buy. It’s up to the buyers. When the ideal property comes up, buyers need to jump and pay a premium for it in this market.

Condo fees – what are they and how to budget for them?:  Condo fees are typically a concern for buyers. The common question is if they will go up. All fees do go up, however there are some tips and tricks to predict how much they will go up.

Q: Market value vs what people are paying? 

A: There is no market value. The new market value is how much  a buyer is willing to pay for a property.

Q: Mortgage rules? 

A: Talk to your bank first to know what you can afford as the rules are always changing.

Q: Maintenance fees and taxes? 

A: Factor in your monthly carrying costs

Q: Utilities? 

A: Most of the time utilities are not part of your maintenance fees.

Q: Closing costs, which include land transfer taxes? 

A: Understand all your closing costs on top of your land transfer tax.

Q: Financials of the building (status certificate)? 

A:  Great document to give you an idea of the financial health of the building.

Q:  Upcoming developments in the area? 

A: Understand what is happening in the area. A new condo might affect your current view!

Q: Tax implications? 

A: They are different if you’re an end user or an investor

Q: Inclusions and Exclusions in the unit? 

A: Make sure you understand what is included. Is that chandelier you love staying or going?

Q: Condo rules including pet restrictions, outdoor space. 

A: Make sure you can bring your beloved pet and know your limitations on your balcony. BBQ’s are not always allowed.

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