1. Older downtown condominium buildings
These condos are larger and offer spacious rooms, premium locations, but require significant updating. The lobby, hallways and amenities are usually dated and the maintenance fees may be higher. The ceilings are likely only 8 feet but the price per square foot is attractive, considerably lower than their newer neighbouring condos. The St Lawrence Market is a popular neighbourhood with a couple of strong options such as The Bentley and Market Square. Waterfront condo options include the Harbour Square buildings. 66 Collier St is one of our favourites if you want to be close to Yorkville without the hefty price tag.
2. Luxury Condos
For the downsizer’s that aren’t looking for a smaller condo and want to transition to a spacious condo that is similar in size to their house, there is wide variety of options in Toronto. These buyers aren’t looking to sacrifice the space they had, they ‘re looking for ample room to entertain, a third bedroom for a grandchild to sleep over, high end finishes, 9 or 10 foot ceilings, spectacular views and white glove service amenities. This group of buyers are downsizing from blue chip neighbourhoods such as Rosedale and Forrest Hill. They want like minded neighbours in premium neighbourhoods within steps to the city’s best shops and restaurants. At Shangri La, suites range from 800 sq ft to 3,500sq ft and prices up to 9 million. Trump, Four Seasons and the Ritz Calrton also fall into this group. Although we feel these won’t be good long term investments, some empty nesters don’t mind spoiling themselves for all their years of hard work.
3. Suburban Condos
For a more affordable price range and if you prefer to free up some equity from selling your home, suburban condos may be the right option. ie. Essex by Tridel in Etobicoke is an example but there are also some buildings further West into Mississauga and Oakville. Usually this means Downsizer’s won’t stay in the neighbourhood that they’re accustomed to but choose to make that change to fund vacations and living costs. Many developers are recognizing this emerging demand and new construction projects are becoming increasingly popular in the suburbs.
4. New(er) Downtown Condos
Few good value options available but Plazacorp got it right with West Harbour City located at 628 Fleet St and 21 Grand Magazine. Those buildings have above par finishes that include hardwood floors throughout, 9 foot ceilings, extended kitchen cabinetry by Paris Kitchens, marble countertops in the bathroom, dens that can double as third bedrooms, large living rooms and dining rooms, terraces or spectacular views of the lake. Prices for a north facing suite around 1400 sq ft start in the low 600k’s, maintenance fees are very reasonable and typically lower than most other condo comparables.
5. Coops and Co-ownerships
These are older buildings located in well established neighbourhoods, require higher down payments (most cases 30% is the minimum) but have a low purchae cost per square foot. These options appeal to value minded retirees who want to be able to sell their home, stay downtown and free up some cash as well. Sounds like the best of both worlds but, of course, there’s a catch. Most often these buildings are more than 50 years old with suites that need to be completely renovated. They don’t have as good air circulation in the hallways, basic or no amenities and many don’t have air conditioning. Even with these drawbacks, I do believe they are a realistic solution for someone wanting to stay downtown long term and willing to do some renovations. A couple examples of these include 21 Dale, 16 Rosedale Rd, 40 Glen rd and 120 Rosedale Valley Rd.
