Moving into a Condo?

Condo life is not for just bachelors and bachelorettes any more.

Condominiums are built for families, retired couples and busy city workers. Just take a look at the Priority article Condo Real Estate Trends for 2019. There are condominiums directed at millennial lifestyles with co-working spaces and beautiful rooftop BBQ patios situated ideally in the downtown core of a city. There are also retirement living condominiums that offer a comfortable, accessible style of living with spacious swimming pools and meal programs. Have kids? There are larger condominium suites available all across the city and suburbs now with 3- and 4-bedroom offerings, kids play areas and stroller friendly hallways.

When moving into a condominium, make a list and check it twice.

Review the list below to get your mind into condo mode:

• Book the installation of your cable TV, internet and/or telephone in advance
• Make an inventory of home items – try to sell or donate items, you won’t need your lawnmower or shovel anymore!
• Hire a moving company – if you can budget it for it, this will save you time hauling your furniture into the elevator and down the hallway
• Purchase smaller furniture. Today there are specific stores made for condo living including Wayfair and Structube
• Research indoor plants or a balcony garden will liven your environment
• Test all light bulbs in your new condo – replace with LED right away
• Invest in low flow shower heads and check how much water your toilet will use
• Order an energy efficient thermostat such as Nest
• Check your storage space, is it far away or close to your suite?
• Find parking – electric vehicle spaces are showing up in more condo buildings. If you are considering a new vehicle, electric is now a viable option for condo residents
• Familiarize yourself with your condominium policies, procedures and by-laws – every condo is different
• Find out which utilities you will have to pay for. If your building is submetered, you will only pay for the utilities that you use, not what your neighbour uses. Submetering is the only fair way to allocate and bill for multi-residential utility usage
• Tour the amenities: is a pool important you, a nice workout area?

There are many questions to ask yourself when moving into a condo. Once you have made the decision, dive in 100%! Condominiums can be amazing communities full of thriving culture and healthy relationships.  You may even consider joining the condo board! The condo board is responsible for many of your condominiums systems including maintenance, landscaping, events, and budgeting. Getting involved will provide experience and allow you to be a part of the decision-making process. Read the article Raising Your Voice for Your Condo to learn more about condo board duties.

In August 2019, Toronto MLS reported 2134 new condominium listings in the past month. 981 of those listings are for 2-bedroom suites. They are all selling in under 30 days. The condo market is hot and it will continue to grow as more people flock to the city centres of Canada.

If you are purchasing a suite in a new build, or pre-build development, remember to ask questions including:

• How many suites will there be in the whole building?
• Will there be commercial or retail stores in the bottom of the building?
• Who will be the condo buildings submeter provider?

Regulation 442/07 requires all new condominium buildings constructed in Ontario after August 1, 2007 to include a smart meter for each unit. The smart sub-metering provider must be licenced by the Ontario Electricity Board (OEB) and comply with the requirements of the OEB’s Smart Sub-Metering Code. As a purchaser, you may have a vested interest in knowing who will be in charge of utility meter reading and billing. Ask questions about the building’s standards and decision-making process. If you have further questions about submetering and new condo construction, reach out to us at 1-866-836-3837 x2. We are happy to answer any of your questions. Check out the Markets page of Priority’s website here to learn about submetering in condominiums and beyond.