“Ontario’s Residential Condominium Buyer’s Guide” is now available. Equipped with a glossary of key terms and written for ease of reading in clear language. It provides vital information for purchasers to make more informed decisions. In fact, as of January 1st, 2021, developers across Ontario are required to provide buyers with both a copy of the guide and a current disclosure statement.
The content of the new guide includes topics such as, the different kinds of condominiums, the purchasing process, governance, consumer rights and protections, condo living, resources for conflict resolution and much more. Regardless of what stage of the purchasing process, or what specific type of condominium; standard, phased, etc. the guide is a helpful reference tool.
Like all purchases there are advantages and disadvantages, inherent risks as well as potential returns. Whether adding to a portfolio of investments, or simply securing a first-time asset in an already heated and competitive GTA market. There are options, and it is important to be clear about what are essentials and what can be negotiated. A key difference from free hold ownership are your rights and responsibilities governed under the condominium corporation’s rule and by-laws.
The pandemic has certainly impacted vacancy rates. In this scenario, a lower list price average with ample stock to choose from.
As a result, this is reflected in increased incentives for new tenants. More available units, more days on market may afford the right stimulus to make the move.
In addition to the buyer’s guide, The Condominium Authority of Ontario (CAO) is a great asset. The newly established organization’s goal, since its inception is the improvement of condo living via services and resources for owners, residents and directors. Worthy of noting, condo directors are mandated to participate in training that promotes professionalism, equity and competencies relevant to the day to day function of their role. Also, common issues and disputes can be resolved through the online service provided by The Condominium Authority Tribunal (CAT). Visit 12 Helpful Tips for Buying a New Condominium
Grange Hall Realty Celebrating 40 Years
Just the other day, on the way to the office I counted six fully erect cranes along the Jane Street corridor as I was travelling north from Highway 7. A perfect example of intensification. These new additions are scheduled to be completed in the next few years, adding inventory to an existing abundance of availability of newly built re-sale units currently on the market for lease and purchase. If you have any questions about floors plans, price points, exclusive rights, unique features and finishes, the health status of the condo corporation and your responsibilities as a tenant or landlord, always feel free to contact me directly 647-202-3263.