It's already looking like 2019 is going to be another strong year for the real estate market in Toronto!
Continuing off of last year's trends, we are seeing the condo sector remain extremely strong as it is the first point of access for many first-time buyers & investors who are still feeling the effects of the mortgage stress-tests brought in.
The average price for a condo in the City of Toronto has now reached almost $595,000 with most “entry-level” condos now starting in the $450K range!
With the average condo now selling for over $550,000 in the Downtown Core, it's about time that Toronto starts implementing more Tiny Condo & Home options for those willing to take on this different living style!
The words “special assessment” bring goosebumps to many condo owners & with good reason! These additional fees can appear to come out of nowhere if you don’t approach your condo purchase properly & do your homework on the building!
A special assessment occurs when there are repairs that need to made to a condo building but the existing reserve fund doesn’t have enough cash on hand to cover the expense. As a result, owners are left with an additional lump sum that they must pay to cover the costs.
While most buyers know about the monthly maintenance fees you have to pay as a condo owner, many are unaware of the fact that these condo fees can increase at any time!
These fees are typically based on a monthly amount which you can easily budget for, however should the building need repairs or have to pay for a lawsuit, you can end up with an additional cost that can be hard to predict!