Condo Market: Is A Condo Right For You?

By NextHome Staff
August 23, 2018
This is such a good question that CMHC has devoted an entire section of its “Condominium Buyer’s Guide” to “The Pros and Cons of Condominium Ownership.” Yes, there are a few cons for some people, but the advantages far outweigh them. Still, it is important to be realistic when it comes to making your purchase decision. The best way to do that is to consider all of the parameters of buying a condominium suite in a new building, and then to be realistic about condo living.For example, CMHC lists one “con” as possibly paying for amenities you hardly ever or never use. The first thing that comes to mind is the swimming pool. Depending on the buyer, the existence or absence of a pool can be a deal-breaker. In fact, savvy buyers who rarely use a pool understand that the portion of their maintenance fees that covers this amenity is very small, and the fact that there is a beautiful pool in the building can add to a suite’s future resale value.Another point under CMHC’s “cons” is the possibility of having less privacy and more noise in a condo. Today’s developers are going to great lengths to use construction materials and techniques that keep noise to a minimum. In addition, most balconies have privacy walls. As for the interior of the building, by virtue of what a condominium is, residents do interact with people on a daily basis in elevators and common spaces. They have privacy in their suites, and they can socialize when they want to.And take CMHC’s “con” of restrictions on things such as pets, smoking, window coverings, what you can keep on your balcony, etc. It is true that the condominium corporation will set out standards that are expected to be followed to protect residents’ privacy, safety and quality of life. This benefits everyone in the building.I could go on, but my point is, are these really “cons,” or are they simply the realities of condo living? The pros listed are enticing: having a say in the running of the condominium; fewer responsibilities for maintenance and repairs; access to gorgeous building amenities; security features; predictable condo fees; and more.This goes for singles, couples and families. It really does take a community to raise a child, and more parents are realizing that condominiums are in essence vertical communities where people get to know their neighbours in the hallways, elevators and shared amenity spaces. Today’s condominiums are graced with familyfriendly amenities, from fitness facilities to games rooms, theatres, party rooms, pools and rooftop barbecue terraces. Some condos even feature daycare facilities. Remember, too, that the condominium lifestyle includes the peace-of-mind of built-in security measures, beginning with eyes-on-the-street concierge service.Whatever your situation, if you are shopping for a condo for the first time, gather all of the resources you can. Visit www.cmhc-schl.gc.ca/en/buying/condominium-buyers-guide and read through it carefully. I cannot say enough about the joys of condominium living. What a wonderful lifestyle choice for people of all ages!BARBARA LAWLOR is president and CEO of Baker Real Estate Incorporated, winner of the pinnacle 2017 Riley Brethour Award from BILD, and an in-demand columnist and speaker. A member of the Baker team since 1993, she oversees the marketing and sales of condominium developments in the GTA and overseas. Keep current with The Baker Blog at blog.bakerrealestate.com

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