A condo is a group of housing units where homeowners own a unit of the homes but share areas of common use with other dwellers. The individual homes share a wall but the main difference between regular single homes and a condo is that all the homeowners own the plot of land in a condo whereas, in regular single homes, it is an individual property. Toronto is one of the most attractive and largest cities in Canada. It also the main center of economic and cultural activities of English-speaking Canada. The city is filled with glass condo and finding a place to rent can be dizzying hence, the following guiding steps are very crucial.
Hire Help
It is important to check the listings through online services like Kijiji and Calgary and get a sense of what the city has to offer and plan on the available budget. Toronto is a very complex city and if you need help finding the location of the condo, the best thing is to hire a real estate expert. An expert ensures that one gets a reputable property owner or investor and helps in searching through the paperwork. The condo apartments for rent are usually put on the Multiple Listing Service where a realtor can easily set up several viewing in one day. The most attractive part of it is that the renters are not liable for any form of payment to the realtors since the property owner gives them a commission. In Ontario for instance, the capital of Canada, all the building that came to rental market after 1991 are not under rental control so it is important to sign a long lease of three to five years since a short one of one year could see the rent skyrocketed. The property owner would prefer an occupied condo with a reliable tenant than an empty one.
Do the Calculations
As a rule, the housing cost should never be more than thirty-five percent of one earning to avoid strain on other living expenses. Additionally, areas that are away from the core of the city and in old traditional buildings with few or no amenities are cheaper. Condo situated in Bathurst, and Fort York area is cheap to rent and cost around one thousand and five hundred dollars.
In conclusion, the number of the condo in Toronto city has been rising rapidly since 2014 and currently, ninety-nine percent of the city consists of them. Despite the construction spike, the demand still outstrips the supply. The vacancy rate is estimated to be one point three percent. Most people prefer renting a condo because it is cheaper compared to buying a house depending on the size of the house, the cost of living in the area and the property value of the neighborhood. A condo also offers great comfort and luxuries such as swimming pools, fitness rooms, and sky lounges. Most of them are filled with great building features and first-class amenities making them the best places to live in.
