What a difference 20 years makes! While it doesn’t really seem that long ago, a ton has changed in the Toronto real estate market since then. Buying a condo 20 years ago was much different (and a bit easier) than it is now. Here are 4 things that people buying a condo in Toronto 20 years ago didn’t really have to worry about that are part of the normal process of buying a condo right now in this city:
4. Today’s Much Higher Condo Prices
Right. So this one’s both easy and obvious, but the fact is that if you’re buying a condo right now then you can expect to pay much more than someone would have 20 years ago.
3. Wondering If You’d Get a Parking Space or Not
If you were buying a condo 20 years ago, a place to park your car wasn’t something you really thought too much about. Parking wasn’t really a commodity. Nowadays, if you’re living in the downtown core of the city, you might not get a place to park at all. A parking space in a downtown condo is quickly becoming an endangered species.
2. Worrying About the Utility Bills
There was a time when you didn’t worry about the hydro, water, and gas bills as it was usually included in your maintenance fees. Ah, the good old days. Now, when you’re buying a condo, you can expect to have a meter in your place, with bills being sent for all of the utilities that you’re using.
1. Wondering if Size Really Does Matter
Condos nowadays are a lot smaller. It isn’t uncommon to find them around 500 sqft, or sometimes even much smaller than that. It isn’t likely that you’d find the 3 bedroom, 3 balcony, 3 bathroom condos of the late 80s being built anymore. It’s all about maximizing profit for the builders.
Did I miss anything? Have anything to add? Let me know in the comments below.