News   Jul 24, 2024
 440     0 
News   Jul 24, 2024
 380     0 
News   Jul 23, 2024
 903     0 

First Time Buyer - need some input.

fencejack:
Yonge from 401 to Sheppard is very busy. It's only really a crawl during the peak hours (and so are other arteries all over the GTA). The only area that I would caution against buying are the condos on NE corner of 401/Yonge. The problem with them is that they're only road access to the network is via Avondale. The cars can't get to Sheppard because the road network doesn't allow it yet. To get to the 401 is a left turn, and another left turn if heading east on 401.

I find the best access is from buildings north of Sheppard, since you're just going straight south on Yonge, and that gives you best and smoothest travel.
There are ways to avoid some of that congestion.

The local roads such as Finch, Sheppard, Steeles generally flow very well even during peak hours, so you can take get on/off the 401 at other areas, such as Bayview, or Allen Road. Depending on where you need to go. However, it really depends on where you are going and when you are commuting. Downtown would be best by subway. The nice thing about the area is that even with congestion, distance wise you are never too far from any one point in Toronto. On weekends, it's awesome to be able to get anywhere in around 20 minutes.

I've lived in North York for many years, so I know the area very well, and my alternate routes to avoid traffic. :)

As for a 1br vs 1+1. I would say layout and size is key. Consider both types. I would say if you plan to live there for about 5 years, then a bigger place is better. To me, unless the den has a separate door, I don't consider it a room. Most of the 'dens' are actually just a nook off of the living room. That's why layout is key. If the den is an actual room with a door, then it's useful to have, because rental/resale value is higher (a den could sleep a student).

Good luck in your search.
 
Better value in the Sheppard-Finch area would be a house, say for example in the Bathurst Manor area $400k buys a massive solidly built 1960's bungalow. Condos are overpriced in the fairly close Yonge corridor (you can see NYCC skyline from Bathurst Manor, and walking from Bathurst to Yonge takes just 20 minutes.)

And what do condo kids buy next? I'm thinking bungalows built in the 1950's-1970's 'hoods as semi-detached homes downtown are still out of reach to many.
 
Last edited:
House vs. Condo not as easy in terms of value of one vs. another. Can't compare apples to potatoes. :)

It's about lifestyle at least for me. Living in a house is a lot of responsibility and requires a lot of time commitment to maintain the house. Houses are fine for larger families and for people who enjoy spending a lot of time at home.

I'm barely at home, except on weeknight evenings. I like to go out more and do not like spending my weekends doing chores around the house. Maybe when I have kids and am older, but certainly not now.

One can purchase a $250K condo and have no maintenance worries, but a $400K house would require x amount of hours / week in chores plus maintenance of the house if roof leaks, furnace breaks, basement flooding, etc...

Certainly some of the new condos are overpriced, but a slightly older building is good value and usually have larger units. A 20 minute walk to Yonge street is nice on a weekend, but realistically, most Torontonians would not walk 20 minutes to get to a shop/store. They would drive.

If you like having the convenience of having everything at your doorstep then living right on Yonge is best. You pay for the convenience and location right on the subway line. I'd rather step out of my house and get on the subway rather than take a bus to a subway. The Malibu project by Wilson station is advertising that their building units are 100K cheaper than a similar one on Yonge, but you get what you paid for. Wilson/Allen is an inferior area to Yonge street. No vibrancy, not much within walking distance except the subway. Sure you're only 10 minute drive to Yonge street. Driving to Yonge street and living on Yonge street are different things.

Everyone has their own value system. I value living on Yonge street and being able to be not dependent on the car for basic things. I can go to the movies, library, the square, visit a shop, go to the gym all by walking. During snowstorms, poor weather, I can hop on the subway and do all those things. For me convenience if worth the extra money. :)
 
IIRC Wilson and Allen is an industrial zoned area wasteland with lots of used car lots and 2s industrial buildings.

Prime for re-development when the Downsview extension gets underway, but that means you shouldn't be paying premium prices either.
 
If there's a balcony that's usually included in the square footage.

Hi there. Are you saying that sq. footage of a condo usually includes the balcony and the builder is allowed to do that???? Is there anywhere I can look up that information exactly? From the same builder I'm getting different responses - some employees say the balcony is a part of the sq. footage and some say it's not. Is there any reference material I can read?
Thank you.
 
Hi there. Are you saying that sq. footage of a condo usually includes the balcony and the builder is allowed to do that???? Is there anywhere I can look up that information exactly? From the same builder I'm getting different responses - some employees say the balcony is a part of the sq. footage and some say it's not. Is there any reference material I can read?
Thank you.

Balcony space should NOT be included in the sf.

If they do on their advertisement material, it's being deceptive as they are trying to give you the impression of more living space (ie. enclosed and heated) than actually is, or try to give impression of cheaper $psf.

Most will break the 2 apart ... ie. living space sf; balcony sf. so look in the fine print.
 
That's my understanding. I got to compare the two because I have the brochures from both Lanterra and Ltd. (Lake Shore). The Ltd. condos clearly show - 1 bedroom 527 sq. ft. +balcony 42 sq. ft. - all nice and clear. Lanterra on the other hand shows the total sq. footage of the condo and its sales reps and its very own customer care office simply refuse to provide dimensions. It's ridiculous - I'm investing a large amount of money and I cannot get dimensions of the condo. Paying 320K for 773 sq. ft. is a great deal but is a huge difference from paying for 685 sq.ft. + balcony which is roughly 88 sq. ft. The latter is a rip off. How can they get away with that. And no one, absolutely no one is able to give me the exact figure. Show how it's 773 sq.ft. - I understand math and can put 2 and 2 together. It's so frustrating. Is there anything legal that I can enforce to get those dimensions out of them. What it seems like is a gian misrepresentation and mass deception going on. :mad:
 
I will be a first-time buyer as well, but looking in a different area. Please let me know if I should start my own thread.

I'm looking at acquiring a 1-bedroom or 1+1 condo in the core downtown area, specifically along or close to the Bay St corridor (and yes, I'm aware that it is a bit of a concrete wasteland). I like that it is close to UofT, financial district, Yorkville, Queen st west, etc, which can all be reached on foot. I do not own a car and am not a big fan of daily ttc use.

Murano and One City Hall have caught my eye. I would prefer a newer place, even though older buildings have better "value".

1. General comments about these two buildings, especially pitfalls that maybe in my excitement I haven't considered.

2. What price per sq. foot would be reasonable for these two locations? I see a range from $500-$700.
 
I will be a first-time buyer as well, but looking in a different area. Please let me know if I should start my own thread.

I'm looking at acquiring a 1-bedroom or 1+1 condo in the core downtown area, specifically along or close to the Bay St corridor (and yes, I'm aware that it is a bit of a concrete wasteland). I like that it is close to UofT, financial district, Yorkville, Queen st west, etc, which can all be reached on foot. I do not own a car and am not a big fan of daily ttc use.

Murano and One City Hall have caught my eye. I would prefer a newer place, even though older buildings have better "value".

1. General comments about these two buildings, especially pitfalls that maybe in my excitement I haven't considered.

2. What price per sq. foot would be reasonable for these two locations? I see a range from $500-$700.

NOTHING over $500 PSF ... in fact, there are some assignments in Murano asking ~ $500 PSF with parking; and some older condos with bigger units asking ~$350 PSF.

There's a vast array of product available from the area you're looking all the way from Wellesley St. to Dundas St.
 

Back
Top