From A Woman's Perspective: May 2nd, 2025 "Five Things Our Tourists Learned from Our Condo Market Tour"

Five Things Our Tourists Learned from Our Condo Market Tour

Good morning, Marilyn! Whew! What a week we’ve had. Our Condo Market Tours were a big success, and by the feedback our condo tourists provided, a worthwhile learning experience. Here’s what they told me they learned:

1. There is a lot of condos to choose from right now:

I don’t know if our listeners know just how many condos are for sale right now in the GTA and surrounding areas. At the moment, there are 10,426 condominium apartments listed for sale on the Toronto Regional Real Estate Board. If you add in all the condo townhouses and condo detached properties for sale there is A LOT of choice for buyers. Safe to say, in this kind of buyers market, there is more flexibility to negotiate on price, conditions of purchase and closing date. 

The bottom line is potential buyers don’t need to hurry, and can afford to wait until the right unit comes around. 

2. There is something for everyone: 

When I say, “Condo,” listeners might think: “tiny shoebox in the sky.” And while yes, those do exist, there are also many condo apartments that rival the square footage of a detached home. We saw several units that had the ample size most downsizers are looking for, around the 1200-1400 square foot range is plenty when you realize that there is very little wasted space in condos. 

Buyers can select their ideal size, number of bedrooms and bathrooms, and even what direction they face and how high up their unit is. We saw penthouses and ground floor units. We saw uber modern highrises and quaint, boutique lowrise apartments. 

The bottom line is that you can choose what’s important to you for your lifestyle and downsizing goals. Want a condo that accepts your dog and might even have a doggy washing station? We can find it. Neeeeed to get your hands dirty in the garden? We can find the perfect ground floor unit with a terrace to practice your green thumb skills without the work keeping up a big garden. A condo apartment that allows BBQs? Check! Has guest suites? High walkability score for when you no longer wish to drive? Need a budget-friendly option without sacrificing space? Check, check and check!

3. Don’t be afraid of monthly condo maintenance fees:

I know, I know! Monthly condo fees really stick in the craw of long-time homeowners. I get it. But have you ever considered what you are currently paying for snow removal, garden maintenance, for future window or roof replacement. And what happens if your furnace or air conditioner conk out? (PLEASE do not sign a leasing agreement for either of these two!!) You can be hit with repair bills in literally the tens of thousands unexpectedly as a homeowner, but obviously a condo corporation with dozens of residents can’t wait for things to break before undertaking maintenance. So responsible boards (which are run by residents, by the way) plan for these expenses ahead of time, with everyone who lives there sharing proportionately in the cost. 

Bottom line: condo maintenance fees vary widely from a couple of hundred dollars a month to a thousand dollars or a month. Some condos include all utilities - heat, air conditioning, water, hydro - even cable TV and internet is covered in some buildings. Then there’s the upkeep of all the common areas: exterior grounds, balconies, hallways, parking garages. Finally, there’s the recreation and fitness amenities that can be anything from roof top patios, to indoor pools, to golf simulation rooms and theatres. Value is in the eye of the beholder. The improved freedom, safety and lifestyle that condo living can bring for downsizing seniors might just be worth every penny. 

Final words, Marilyn. My advice to any one thinking of buying a condo is to consider the future. What will you need and want in your next downsized home? Second, condo apartments aren’t right for everyone. Thankfully there are condominium options that are not apartments. And lastly, seeing is believing. Don’t rule out condo apartments without exploring the options available in your preferred neighbourhood. Do your homework, visit as many buildings as you can, and if you need someone to help you coordinate your search, reach out to me, Sharon, and we can get started. My number is 416-460-5636 and my website is smartrealtysolution.com. 

Not ready yet? That’s okay too. Visit our website for free, downloadable resources geared towards answering the most common challenges downsizing seniors face. We’re happy to send you anything without cost or obligation.

That’s it for me, Marilyn. My name is Sharon Parenteau and these have been your SMART Realty Solutions for today.

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