A unit within a multi-story residential building that is individually owned and part of a condominium corporation. Owners pay monthly maintenance fees for shared amenities and building upkeep. Condo apartments range from studio units to multi-bedroom penthouses and offer amenities like gyms, concierge services, rooftop terraces, and pools.
Why It Matters
Condo apartments are the most affordable entry point into the GTA housing market and the most common choice for first-time buyers and investors. They offer a lock-and-leave lifestyle with amenities. The trade-off is less space, monthly maintenance fees, and living by the condo corporation's rules.
Real-World Example
A first-time buyer purchases a one-bedroom-plus-den condo apartment at Yonge and Sheppard for $540,000. The unit is 620 square feet with a balcony, and the building offers a gym, concierge, rooftop terrace, and party room. Monthly maintenance fees are $520, which includes water and building insurance. The buyer puts down 10% ($54,000) and qualifies for the First Home Savings Account contribution and the federal first-time buyer incentive. The condo is steps from the subway, making it ideal for commuting downtown.
Ontario & GTA Context
Condo apartments make up the majority of new housing starts in the City of Toronto. Ontario's Condominium Act governs all aspects of condo apartment ownership, from the status certificate process to maintenance fee governance. First-time buyers of new condos have a 10-day cooling-off period after signing a purchase agreement with a developer. The Tarion warranty program provides coverage for new condo construction defects for up to seven years.
How It Works in Practice
When buying a condo apartment, look beyond the unit itself. Research the building's financial health through the status certificate, assess the management company's reputation, and consider the floor plan's functionality for your lifestyle. Units facing south and west tend to get more light but may have higher cooling costs. Corner units offer more windows but may have higher maintenance fee allocations due to greater exterior wall exposure.
Common Questions
Are condo apartments a good investment in Toronto?▾
What should I look for when buying a condo apartment?▾
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