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!
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!
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!
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
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.
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.
Jordon here on RU-vid (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)
🎯 Key points for quick navigation: 00:14 *🏡 Selling strategy tips offered for those committed to selling condos in 2024.* 01:25 *📉 Emphasis on the importance of not becoming stagnate on the market; avoid complacency.* 01:36 *⏳ If not fully committed to selling in 2024, consider waiting until 2025 for a potentially better market.* 02:04 *📊 Current on-market listings more important than past sales for pricing and positioning.* 03:16 *🏢 Knowing your condo's competition is crucial for determining whether you’re in the top tier.* 03:45 *🔝 Only top condos in terms of appearance and pricing are likely to sell.* 04:26 *🎯 Importance of making your listing stand out by looking better than competition.* 04:49 *📸 Professional presentation, including high-quality photos, is critical for attracting attention.* 05:49 *🔑 The first MLS image should highlight the interior to attract potential buyers.* 06:44 *💵 Pricing must be competitive; properties priced correctly will always sell, regardless of market conditions.* Made with HARPA AI
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.
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.
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?
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.
🎯 Key points for quick navigation: 00:00 *This video is a comprehensive guide for condo buyers, particularly in Toronto, covering market understanding, considerations, viewing properties, and the offer process.* 00:42 *Tom Storey, a leading realtor in Toronto, has substantial expertise and presence in media, aiming to provide valuable advice on the condo market.* 01:40 *The video will focus on resale condos, offering better value compared to pre-construction condos, which come with more fees and premiums.* 02:52 *Typical condo prices in Toronto's 416 area code are around $1,000 per square foot, with variations based on location and building age.* 04:26 *Most condo sales in Toronto occur between $500,000 and $900,000; price influences include parking availability and building age.* 06:32 *Key condo clusters in Toronto are in C01, C08, CO2, C10, C14, C15, W06, E01, and E02, varying in density and amenities.* 08:10 *Decide whether to buy newer or older buildings, with a sweet spot being 5 to 15-year-old buildings that offer a balance of maturity and fewer major repairs.* 10:00 *Be mindful of marketing prices versus actual prices; some listings may be priced low intentionally to attract bids.* 11:11 *Crucial metrics to understand include months of inventory, average list vs. sale price, and days on market to gauge market conditions.* 14:31 *Set correct expectations, understand that real estate is a long-term investment, and ensure you are pre-approved for a mortgage before starting your search.* 16:08 *Know the owner-occupancy rate of the building, as higher ownership usually means better maintenance and stability.* 17:33 *Understand what your condo fees cover, which can vary by building, and generally include maintenance and some utilities.* 19:27 *Consider price per square foot critically; assess usable space and exclude parking and locker values for an accurate calculation.* 20:23 *Comparing condos should consider both having parking/lockers for accurate value assessment.* 20:38 *Smaller condos often have higher price per square foot compared to larger ones.* 21:18 *Properties with unique features or "wow factors" tend to hold value better and sell faster even in slow markets.* 22:41 *Choose condos based on unit appeal first; amenities should be secondary considerations as they increase maintenance fees.* 23:38 *Unique or Boutique condos usually sell better than cookie-cutter units in all market conditions.* 24:47 *Research the condo developer's reputation as it impacts the property’s quality and desirability.* 26:41 *Work with a knowledgeable real estate agent experienced in the condo market to avoid poor advice and overpaying.* 27:54 *Buying a condo often relies on immediate gut feelings; ensure the property feels right before proceeding.* 29:19 *Have liquid funds available for the deposit, typically 5% of the purchase price, due within 24 hours of an accepted offer.* 30:28 *Be aware of minimum down payment requirements based on the property price range in Canada.* 31:09 *Focus on unchangeable features like location and floor plan rather than changeable aspects when considering a property.* 31:38 *Use the "out of 10" rule to rank properties, avoiding a score of 7 to ensure the property is either a firm decision or a pass.* 33:29 *Plan for additional closing costs like land transfer taxes and lawyer fees, which are paid in cash at closing.* 34:58 *When making an offer, consider the five key factors: price, deposit, closing date, irrevocable period, and conditions.* 37:52 *Include conditions for financing and status certificate review in your offer to safeguard your purchase.* 38:28 *Have a real estate lawyer review the status certificate to ensure there are no red flags.* 40:07 *Once an offer is accepted, you will need to wait until the possession date to get the keys. Typical possession time is 45-60 days.* 40:48 *Handle utilities setup and book the elevator in advance due to potential date restrictions.* 41:16 *An offer usually includes two or three purchaser visits to the property before closing, commonly used for measurements or showing family.* 41:59 *Closing transactions in Toronto typically occur between 2 to 5 PM; avoid Fridays to prevent weekend delays.* 42:27 *Closings can't happen on weekends or holidays; your realtor will guide you on suitable dates.* 42:42 *The lawyer will notify you when the funds are transferred and the property is officially yours, marking a significant milestone in your real estate journey.* Made with HARPA AI
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.
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.
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?
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.
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 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
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.
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.
🎯 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
