While many Downtown Toronto homebuyers have their heart set on the beautiful high-rise condos with breathtaking views, overlooking the CN Tower, the Financial District or Lake Ontario, there are also a handful of buyers who would rather settle down in one of Toronto’s exquisite low-rise buildings. Toronto is known for a diverse condo market, and sometimes it’s hard to make a decision, but when it comes to high and low rise construction, buyers need to think about the lifestyle that comes with each of them and how it will impact their everyday lives.
Finding a condo in good condition, in the right location, and of the right size may take precedence over everything else, but homebuyers should make sure they are also familiar with the advantages and disadvantages that come with high and low-rise living before they enter the market. Here are some of the differences between the two that can help buyers understand their needs better.
Which Is The More Affordable Option?
When it comes to the affordability of high and low rise, it’s hard to determine which one would be the better option. High rise condos tend to be newer and are found in the best locations as builders want and need to capitalize as many units as possible for the given piece of land. Pre-construction units will pay premiums for floor plans located on higher levels. You can find prices that jump by thousands of dollars per floor for the exact same layout. It is important to note that these same price premiums are not often reflected the same way in the resale market. As long as the view is similar and not obstructed in any way, the selling price will usually be in the same range and based more on square foot than level in the building. Low-rise buildings have a unique boutique status and limited availability which can be very exclusive and highly desirable. This can too come at a premium in price. You will find that boutique buildings usually offer units that are larger in space and because the buildings tend to be older, the price per square foot will come in a bit lower.
What About Condo Fees?
High-rise condos are great for people who care a lot about having different amenities available at one place. The high-rise condo lifestyle usually includes all conveniences you can think of, ranging from playrooms for children, sports centers and terrace gardens to pools, barbecue areas and guest suites. Of course, such a level of service affects condo fees and they tend to be somewhat higher in a high-rise. Low-rise buildings are usually more modest and limited to a fewer amenities; they may have a fitness center or/and a concierge, but they rarely include a movie room or a sports field. Nevertheless, this is no guarantee that owners will pay less in fees since low-rise boutique condos have fewer residents, and sometimes, they have to chip in more to cover the general maintenance costs.
Low-rise condos usually are found in quieter locations which makes them ideal for downsizers and people who enjoy a higher level of privacy. High-rise condos have far more residents which means that it can get noisy and crowded in the common spaces. You also will spend more time waiting for elevators and have longer ride time to get to your unit in high rise condos. If stopping on every floor or getting into a crowded elevator is not for you, then I would suggest more intimate buildings. There are also newer buildings that offer elevators for specific levels which attempt to reduce time spent in the elevator by directing traffic based on levels in the building. Downtown Toronto living is no longer associated with only young professionals and students. Our diverse condo communities have seen increasing demand for family size units and luxurious spaces for empty nesters looking to down size while still enjoying everything our great city has to offer.
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