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| SUBURBAN CONDOS AROUND THE GTA |
I am still amazed when driving around Toronto and the GTA seeing
high rise condominiums in the suburbs, towering over subdivisions
or empty fields but, when you work in the area and don’t choose
to even visit downtown Toronto, these easy commute “bedroom
communities” offer some impressive choices. Where they used play
the “country-cousin” role in comparison to their
“city-slicker” competitors in downtown Toronto, where the high
life is just outside your front door, you will find some of the
more interesting residential condo alternative just behind that
laborious drive.
I am always amazed when I visit many of these areas, somehow
thinking that car traffic would be much less in what I’ve always
seen as outlying areas. But these days Etobicoke, North York, York
and Scarborough are sleepy bedroom communities no more, having
matured their condominium stock, depending on circumstance, to a
“Buy“.
Julie DiLorenzo, vice-president of the Greater Toronto Home
Builders Association was recently quoted saying: “Inner suburbia
is an emerging high-rise market with a ton of potential“. And
the spasm of building activity in the sector over the past few
years, she says, is just the "tip of the iceberg."
While some suburban traits remain, these non-core residential
communities are now quite urban, and many of the condos that you
will find there offer the same amenities and facilities that are
available in the downtown core.
The factors shaping this condo market are price, space,
familiarity and family ties. Prices per square foot are marginally
more affordable than downtown. I tell my clients that your dollar
buys you more space in these areas and that amount of space will
fluctuate greatly depending on the area and locations within the
area.
Ted Tsiakopolous, senior market analyst at Canada Mortgage and
Housing Corporation recently pointed out that in Toronto, the
average price per square foot is $364. In comparison, in Etobicoke
it is $281, North York $296, York $241 and Scarborough $242.
"The biggest advantage to living in the suburbs in the price
advantage," Mr. Tsiakopolous says. Land values are lower in
the suburbs and the land parcels are usually larger. Mimi Ng, a
senior market analyst with N. Barry Lyon Consultants stresses the
price advantage of suburban condos as well. "There is more
value for your money in terms of space," she says.
"Suburban condos are bigger for the most part."
"A lot of people don't want the congestion," says Ms.
DiLorenzo. "You are choosing the condo lifestyle but you
still get the vista." Again, this theory is based on living
and working in the immediate area. If you career takes you to the
downtown core, believe me . . the drive is NOT worth it!
North York has 47 high-rises under construction, with 10,090
units, Etobicoke has 26 with 4,503 units, Scarborough has 11 with
2,999 units, and York has three with 346 units. These new
high-rises under construction present both pros and cons to the
buyer.
As always, the purchase of a condo is NOT something to take
lightly. You want to assemble a strategy and a team (Buyer’s
Agent, Lawyer, Mortgage Broker, etc.) to achieve a smooth and
successful purchase. Mistakes in this business are costly and not
always remediable. Use professionals who do their job every day
and who specialize in condos (all Realtors are licensed to trade
in real estate - any kind of real estate BUT it is expertise that
you are looking for SO A SPECIALIST IS WHAT YOU ARE LOOKING FOR.
At simplycondos.com we deal ONLY with Condos, Lofts, and
Townhouses AND we are EXCLUSIVE BUYER’S AGENTS which means we do
NOT represent Sellers! We DO NOT LIST properties for Sale or
represent Sellers in any way. Our mandate is to negotiate the best
price, terms and conditions for our clients once we have given
them sufficient information to enable them to make their own
“INFORMED” DECISIONS.
The LAST thing that you want to do is be dependent upon ANYONE
ELSE to make your decisions. If the Realtor Lists condos they
undertake a LEGAL OBLIGATION to represent ONLY the BEST INTERESTS
of the Seller. You should NEVER Buy from the Seller’s Agent as
they CANNOT offer you ANY meaningful information other than to
answer your questions honestly. You had better know all the
questions to ask as they are LEGALLY obligated to NOT disclose
anything to you that might not fulfill their obligation to take
every initiative to meet the best interests of their “client”
(the Seller).
That is why we at simplycondos.com DO NOT LIST properties as it
introduces the possibility of us trying to “INFLUENCE” your
decisions. If we had a legal obligation to sell a client’s
listings then we would have an obligation to present (and push) it
to you. I’m sure that you can see the conflict of interest even
though the individual Realtor’s personal integrity might suggest
that a “Dual Agency” might work (“Dual Agency” is the
industry term that must be “Acknowledged” by both parties to a
transaction if they are both being represented by the same
Realtor). Again, I say this is a situation that NO BUYER SHOULD
EVER PUT HIMSELF/HERSELF INTO!
Would you use the other parties lawyer when they sued you? Even a
brief understanding of the obligations undertaken under
“Agency” will tell you that you NEVER want to get caught up is
a Dual Agency Transaction. Even the Real Estate Board frowns on
this type of transaction but amazingly, they are more common than
one would think.
Talk soon.
C. L. Hanes |
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