North York Condo Developments: Advice for Buyers

North York Condo Developments: Advice for Buyers

North York is an area in the north part of Toronto that includes a range of neighbourhoods, including Lawrence Park, York Mills, The Bridle Path, Hogg’s Hollow, Willowdale and Bayview Village. A fusion of peaceful suburban landscape and urban living interspersed with parkland, North York condo developments are quickly becoming highly sought after.

Buying a pre-build condo might seem as easy as picking out a floor plan, but having a realtor to support you throughout the process can be the difference between appreciation and depreciation on your investment. Here’s what you should know before buying a condo and why you should work with a realtor when considering North York condo developments.

What To Know Before You Buy A Condo

Prior to buying, you’ll want to spend time researching both the condo developer and corporation behind the construction and management of the building. You don’t want to put your blind faith in an inexperienced developer, and you definitely don’t want to end up buying a place in a building that is heavy with debt. The Canada Mortgage and Housing Corporation offers advice on the basics of condo living.

Purchasing a new construction condo is usually more complicated and intimidating than buying a resale condo. A realtor is a local expert with experience in condo development and will guide you through the process smoothly. They understand how to read the building plans and will help negotiate the agreement in your best interest.

Condo Fees

A reality of condo living is paying a series of monthly fees connected with your condo building and its maintenance and services. You’ll want know in advance how these charges are determined, which services and operating costs are included, and whether certain costs need to be paid in advance. These fees might include the upkeep of on-site fitness facilities, swimming pools, party rooms, security, cleaning, gardens, and concierge services. Something else you should inquire about in advance is whether all utilities are included in the condo fees.

Your realtor can explain the changing reality of your monthly condo fees. The builder generally underestimates these fees for a variety of reasons, and you should be aware that the fees that may be quoted can escalate and sometimes very dramatically in the first few years. You probably should budget for increases of somewhere between 10 and 20 percent, though many actual condo fees have gone up significantly more than that.

North York Condo Developments

It’s no secret that Toronto’s real estate market is on fire, and as more condominium towers impose themselves over the city skyline, and as houses continue to rise in price, you might find yourself considering the option of condo ownership. 

Despite all the new condo developments in North York, the area is still immersed in natural green spaces, dells, and brooks that run along the Don River, but it's mostly known for its large spectrum of parks and trails. The urban forest adds allure to the scenery. It is also a welcome refuge from the hustle and bustle of city living.

Seeking the advice of a knowledgeable realtor can save you tens of thousands of dollars on North York condo developments.

Sushma Khinvasara is an award winning real estate agent with the expertise necessary to help buyers and sellers of all levels successfully navigate the fast-paced market in the GTA. She has consistently been recognized as a top performer for her brokerage, as well as Century 21 Canada, with a wealth of expertise in the following areas:

  • First time home buyers
  • New residential properties
  • Property leasing
  • Investment properties

Contact Sushma Khinvasara today to discuss all of the benefits of purchasing a North York condo as a living space or as an investment property. Discover everything this exciting area has to offer and find the unit that is perfect for your specific needs.

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