The Ultimate Toronto Condo Buyers Guide

P.S. Whenever you’re ready there are 3 ways I can help you…
1 - Book an appointment with me 📅
calendly.com/tomstorey
2 - Check out my podcast, “The Tom Storey Show” 🎙️
/ @thetomstoreyshow
3 - Learn about my video course for Realtors
videocourselogin.com/courses 🎥
Chapters
0:00 The Ultimate Guide
1:56 Re-Sale VS Pre-Con
2:50 What Does it cost?
6:24 Areas To Consider
8:29 Old Vs New
10:14 2 Types Of Pricing
11:08 Data that matters
16:18 Owned vs rented
17:23 Condo Fees
19:24 Price Per SQFT
22:00 The WOW Factor
23:23 Building Amenities
24:49 Cookie Cutter vs Boutique
25:44 The Developer
26:35 Working With An Expert
28:10 Gut Feeling
29:00 The Deposit
29:36 Downpayment
31:41 Out Of 10 Rule
33:31 Costing Costs
35:12 The BIG Five
36:58 Offer Conditions
40:07 Accepted Offer
The opinions expressed herein are solely that of Tom Storey, not Royal LePage or the TRREB and should not be misconstrued as advice or the basis of an agency relationship whatsoever. Please consult your professional advisor prior to taking action on any decisions relating to the matters discussed in these videos. This communication is not intended to cause or induce breach of an existing agency agreement. This is not financial advice.

[@TomStorey]

Need advice on buying or selling a condo in 2023? Book an appointment with me: calendly.com/tomstorey

[@mariapardo3025]

We just got pre-approved and are about to start looking for our first condo in Mimico and this video was sooo helpful!! I feel way more educated, thank you!

[@meronjibreal8725]

Very useful video. Thank you for taking the time to give this information

[@e.7751]

Love this video! Comprehensive, simple and cover all the points. Appreciate the work you put in this long video.

[@TomStorey]

Appreciate the comment. Glad you found it valuable!

[@robertaweisbrot3029]

Helpful and thorough

[@ShreS360]

Thanks for the video! One of the more informative videos I have seen, great job.

[@TomStorey]

Glad you enjoyed it. Thank you for watching and commenting.

[@elliekubisz2394]

Thank you Tom for sharing this - absolutely the most easy-to-follow yet comprehensive guide for first-time home buyers I've come across. Most appreciated!

[@TomStorey]

You’re welcome :) appreciate the comment.

[@MegKuang]

SO much value in one video. Excited to buy my first condo. Thank you so much Tom! Please keep making content like this :)

[@TomStorey]

Thank you! Will do!

[@suzannahkelly5105]

This was a great video - super value add information!

[@TomStorey]

Thanks Suzannah!

[@djrealz]

Amazing video! Great information, you made it easy to understand and follow. I'm definitely going to use this info to help in my new condo purchase. Thanks!

[@TomStorey]

Glad to hear! Thanks for watching.

[@manmohitmatharu3418]

very informative watched the whole thing

[@TomStorey]

Glad to hear! Thank you for watching.

[@richardsimms251]

Very very good discussion

[@margaret1403]

Excellent information.

[@TomStorey]

Glad it was helpful!

[@benny871]

This video is so helpful. Thanks for putting this

[@TomStorey]

Glad you found it helpful. Thanks for watching!

[@SteveKarrasch]

This video is longer and better written than the last Batman Movie.

[@TomStorey]

Thank you Steven.

[@TomStorey]

🎯 Key Takeaways for quick navigation: 00:00 🏙️ Overview of Condo Buying - Condo market options: resale and new construction. - Prices in the Toronto condo market. - Different areas in Toronto for condo buyers. 08:50 💰 Setting Expectations and Building Selection - Setting realistic expectations for property appreciation. - Considering the percentage of owner-occupied units in a building. - Understanding what condo fees cover in different buildings. 18:31 💰 Considerations for Condo Fees and Price Per Square Foot - Understand the factors affecting condo fees. - Aiming for condo fees within the range of 75 to 80 cents per square foot. - Impact of parking and locker on condo fees. 19:27 📏 Understanding Price Per Square Foot - The significance of price per square foot in condo buying. - The importance of evaluating usable space in price per square foot calculations. - Comparing properties effectively, taking into account parking and locker values. 20:52 ✨ Smaller Properties and the Wow Factor - Smaller properties can sell for more per square foot. - The concept of the "wow factor" in the condo market. - Factors contributing to the wow factor, such as unique building features, floor plans, or exceptional views. 23:38 🏋️‍♀️ Consider Building Amenities Wisely - The importance of assessing your likelihood to use building amenities. - Focusing on the unit itself and not solely on amenities. - How additional amenities can lead to higher maintenance fees. 24:47 🏢 Boutique vs. Cookie-Cutter Condos - Differentiating between unique or boutique condos and cookie-cutter condo towers. - The market demand for unique properties. - The potential advantages of unique or boutique condos. 26:41 🕵️ Work with an Experienced Real Estate Agent - The importance of choosing a real estate agent knowledgeable about the condo market. - The benefits of working with a professional real estate agent who can provide valuable advice. - Differences between agents who have local experience and those who do not. 27:54 🏡 Viewing Properties with the Right Mindset - The realistic approach to viewing properties compared to TV shows. - Trusting your gut feeling during property viewings. - Evaluating the things that you can change and those you cannot. 33:01 💸 Additional Costs and the Land Transfer Tax - Considering the land transfer tax as a significant additional cost. - Exploring the potential rebate for first-time homebuyers. - Preparing for cash-on-closing costs such as land transfer tax and lawyer fees. 35:13 💼 The Big Five for Making an Offer - The five key elements to consider when making an offer on a condo property. - Addressing the price, deposit, closing date, irrevocable time, and conditions in the offer. 37:06 💰 Financing Conditions in Condo Buying - Key Takeaway: Condo buyers should pay attention to financing conditions, which typically allow 3 to 5 business days for the bank to secure financing. If not satisfied, buyers can request a deposit refund. 37:48 📜 Status Certificate Review - Key Takeaway: A status certificate is a vital document for condo buyers, containing information on the condo's finances, rules, owner payments, assessments, and lawsuits. Real estate lawyers should review this document. 39:25 🏢 Inspection in Condo Buying - Key Takeaway: Condo inspections are less common for newer buildings, as issues are typically covered by maintenance fees. Inspection conditions are more common for older condos. 40:34 🔑 After the Accepted Offer - Key Takeaway: After an accepted offer, there's a waiting period before the possession date, usually 45 to 60 days. During this time, buyers should set up utilities, communicate with condo management, and book elevators. Buyers may also get two or three visits to the property before closing. 41:59 📅 Closing Day Process - Key Takeaway: Condo transactions in Toronto typically close between 2 PM to 5 PM on weekdays. Buyers should avoid scheduling closing on Fridays due to potential delays. Lawyers will inform buyers when the transaction is complete, and they officially own the property. Made with HARPA AI

[@hn9382]

Such a great video, thank you so much!

[@TomStorey]

You’re welcome!

[@PennyRose40]

Thank you so much for sharing.. this was really informative ❤

[@TomStorey]

You’re welcome!

i would love to watch house buyers guide as well! I LOVED man!! thanks for the hard work!!

[@TomStorey]

Coming soon!

@@TomStorey Still waiting!! :) You the best!

[@sloki1688]

Amazing educating video. It was very informative and engaging too. Keep up the amazing work. Could you please share the link of the calculator you mentioned in the video as well. Thank you

[@TomStorey]

Thanks for watching - Here is the mortgage/land transfer tax calculator - storeyteam.ca/Resources/Mortgage-Calculator

[@amirmohammadsherkat3679]

Would you please make a video of flipping tips ?

[@Joon799]

Could you suggest any resources to learn more about developers regarding how to better assess them/what to look out for? Thanks!

[@TomStorey]

www.buzzbuzzhome.com - is a great resource. They have developer reviews. The most important thing is that the developer has a good track record. I.e - Tridel, Menkes, Great Gulf.

[@Skforty7]

what are your views on fuse 2 condo(dupont and lansdowne)?

[@lionel9972]

What a very informative video, well detailed and I learnt a lot in this. There is one question, not covered in the video, supposedly I buy a condo with a Tenant thats been living there for years, what are the conditions one can put in the offer, to make sure the property will be vacant at closing, or what legal recourse does one have if you buy a condo with a tenant and with no conditions on the tenant but by the time you close tenant is refusing to move out?

[@TomStorey]

Hi Lionel, sorry for the delay on my response. If you have a vacant possession clause in the offer then usually the buyer can walk away or extend closing until the tenants leave. If you assume the tenants and they still don't leave then you have to go to landlord/tenant board. In a perfect world, I would only buy a tenanted property is the tenant already signed the N11.

[@kurtr847]

I recently bought my first condo (1st time buyer) in Aug 22. Thinking about the years ahead, do you recommend any specific time period to wait before trying to transition to a townhouse? I am not sure what's the best strategy to make this move as the price gap between a condo and a townhouse is high.

[@TomStorey]

Congrats! It all depends on what the market does in the next few years. Most of our first time buyers clients tend to jump up at the 3-4 year mark.

[@SalvatoreCommisso_]

I can confirm that the "out of 10" rule worked during our home search. The non-negotiables, such as the floor plan, building, and location, were a 10, while the cosmetics were an 8. Our condo is now a 10 after some TLC, paint, and other minor home improvements. Older buildings with reasonable maintenance fees, in my opinion, provide the most functional space. We used and recommend The Storey Team.

[@TomStorey]

Thanks Sal! So glad to hear you’re loving the new space. Appreciate the trust!

[@vfxart1994]

do older condo comes with reasonable fees?I have see all old codos north of $900 to $1200 sky is the limit can't imagine paying that much in condo fee a big turn off.

[@BrianJordan-jk7do]

Hi Tom, thanks for another informative video. I am looking to sell my one bedroom + large den, 1 washroom, no parking, condo apartment, in an older building, in the St. Lawrence Market area. My condo fees are approximately $1/square foot including all utilities except for cable and internet. My corner unit faces into a small park (not sure if that is a huge factor). In this weak resale market, if I was willing to offer qualified purchasers a VTB mortgage for 85% of the purchase price, at a market/chartered bank mortgage interest rate, would that make it easier to sell my unit? Thanks.

[@TomStorey]

Hey Brian, I'm not sure if it would make it easier to sell, but it can't hurt. I have yet to see any condos for sale in the area where the seller is willing to offer a VTB. The right buyer may like that as an option.

[@rahls7]

how do you navigate selling a condo and buying a new one at the same time? is the insured amount thats added to mortgage when making deposit less than 20% essentially lost if I sell my current condo?

[@TomStorey]

Depends on how your mortgage is structured. But right now we’re typically recommending that people sell before they buy, as you always want to do what’s more difficult first. Then it would be on a case-by-case basis and we would run the numbers for our client.

[@STEVEN-GULLA]

Mr Tom i love ur videos man,, is buying a ground floor apartment bad idea? i just purchased one in DEC 2020 n the reason i got the ground floor cuz everything was sold out BTW its in Burlington and its my investment and i paid $888 for sqf and its 905 sqf!! We need videos like this. Thx u sir.

[@TomStorey]

Nothing wrong with a ground floor unit. Each buyer will have their own opinion. Appreciate you watching the videos and hope you found this one valuable.

[@STEVEN-GULLA]

​@@TomStorey I would love to work with you Tom, i appreciate your time. your always there replying to my questions, means a lot to me thx god bless.

[@vfxart1994]

At 25:57 you mention developer history are there any websites where developers background and quality can be researched?

[@TomStorey]

Jordon here on KZbin (precondo) is a great resource. I don't think there are any major sites other then perhaps reddit (which would be mostly negative as people don't usually go out of their way to leave positives reviews)

[@milenavassileva]

Great content! Are there any resources to research the buildings upfront?

[@d8f1ant75]

Back-Up Generators should be mandatory for High-Rise Buildings... but include the Water Pump??? 10 days May 2022... no water, no power = Derecho. Otherwise the older Condos... dont have the Glass Balcony... see thru... it's a Concrete Bunker (if they even have a balcony). Newer are probably a lot more Energy Efficient = Insulated. Having indoor pool is great... but brand New pool still breaks down time after time after time... it's hi-larious or just sad. Curiously even new appliances can have a high failure rate... it's just bananas. Anyhow Zero Disclosure offered about BACK-UP generators, if you're an old timer living in a Condo.

[@SD-lr7sq]

Perhaps it’s just my perception - but aren’t owner occupied majority buildings kind of rare?

[@TomStorey]

Yea, If they were built in the last 10 years for sure. Primarily because the builders advertised them as investment opportunities.

[@vert911]

what was the average condo maitenance fee % increase in Toronto this year?

[@STEVEN-GULLA]

probably around $0.65 correct me if am wrong

[@TomStorey]

Really depends on the building and the last time they increased. 2% is possible across the board, but I'm not sure there is hard data on that.

[@vert911]

@@TomStorey my 20yr old building just told us its going up 8.5% this year.

[@TomStorey]

@@vert911 when was the last time before this year that it went up? If you average out each year that would give you an idea.

[@vert911]

@@TomStorey it goes up every year between 3-5%. this year they are citing inflation as the reasoning. Who is there to help protect owners being taken advantage of by boards and mgmt companies? its crossbridge condo services