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Toronto Condo Blog

New Ontario Condo Act | The Biggest Game-Changers

This past Wednesday, after three years of research, consultation and planning, the Province released highlights from the updated Ontario Condo Act. While not law yet (the new Act still needs to be passed), we now have a clear picture as to how the law is likely to change and what better protections will be in place soon for Ontario condo owners.


The Process Behind the Updated Ontario Condo Act

Since June 2012, the Province has been leading an in-depth and lengthy study into issues faced by condo homeowners including poor performance by condo boards / management, accountability for builders and the lack of simple and affordable dispute resolution systems.

Making Your Way Through The Maze of Toronto Condo News

This month in contradictory real estate news: home buyers seek more affordable homes as housing prices continue to skyrocket but condo market to moderate, Canadian home price growth heading for a slowdown but Toronto property prices continue to rise at record rates and Toronto condo listings, sales and average prices all up substantially year-over-year despite the mythical beast known as the great condo bust. So, yeah. Clear as mud, right?

When you weed through the maze of media clutter and dead-end stories, what do Toronto condo buyers and sellers really need to know?

Things That Make You Go Hmmm About King West Condos

No other Toronto neighbourhood can boast the number of condos and pace of construction over the last fifteen years that King West can. King West typically has the highest number of both sales and rental listings of any central Toronto neighbourhood – even more than CityPlace.

Fifteen years ago, King West was associated with little more than club land and, further west, industrial wastelands but it’s now a Toronto condo mecca with a massive population of young professionals. The Toronto Star even joked about forming a new political community “King West Nation”.

Top Performing Toronto Waterfront Condos

Waterfront condos in downtown Toronto are highly sought-after for their affordability and coveted lake views, not to mention the investment dollars (to the tune of $1 billion over 30 years) being put towards the Toronto Waterfront Renewal Project.

Yet, lakeside Toronto condos are not typically associated with high value appreciation. In fact, many Toronto waterfront condos have depreciated in value over the last year – virtually unheard of in today’s robust Toronto real estate market – some as high as -10% or more. It’s counter-intuitive when you think about it; most waterfront properties in the core of major international cities come at a premium, not a discount.

Five Things You Should Know About Toronto Condo Reserve Funds
#1 Toronto Condo Reserve Funds Are Not Set Arbitrarily. They’re Based on an Engineer’s Reserve Study.

Unlike a freehold property that leaves assessment and planning down to the individual owner, Toronto condos must have a formal reserve fund study conducted by a qualified engineer or architect. The reserve fund study assesses the anticipated life expectancy of all major aspects of the buildings structure, mechanics and finishes and outlines an estimated maintenance, repair and replacement budget.

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