St Lawrence Neighbourhood Toronto

 History:

This is where Toronto’s first government, industry and commercial centres were located. Numerous important histroical buildings are still standing on the periphery of the neighbourhood including: the South St. Lawrence Market which served as Toronto’s first City Hall, the North St. Lawrence Market which was Toronto’s first official farmers market, the iconic Gooderham Flat Iron building which was the offices for the Gooderham financial empire, the King Edward Hotel designed by E.J. Lennox the architect of Casa Loma, St. James Cathedral which has the tallest spire in Canada, and St. Lawrence Hall which was the cultural and social centre of early Toronto.

Much of the present day St. Lawrence neighbourhood was created from landfill in the early 1800’s. It was originally intended to serve as a public promenade with a grand Esplanade along the waterfront. However the city turned the land over to the railways, which in turn attracted industry to the St. Lawrence area.

By the early 1900’s, St. Lawrence had become one of Toronto’s most prominent industrial centres. It remained a vital industrial area until the late 1940’s, when Toronto’s industrial base began moving outside of the city.

Consequently, St. Lawrence went into a period of decline which lasted until the 1970’s, when Toronto politicians made the decision to create the present day St. Lawrence neighbourhood.

Overview:

 

The St. Lawrence neighbourhood is as old as Toronto itself. In fact, the Town of York – the forerunner to the City of Toronto – spanned 10 city blocks that now comprise part of the St. Lawrence neighbourhood. The architecturally significant 19th-century Georgian style red and yellow brick buildings that line Front Street harken back to this earlier period. The newer part of the St. Lawrence neighbourhood situated around The Espanade was constructed in the 1970s. These residences contain a nice mix of low rent and subsidized rental accommodation together with co-ops, condominiums and privately owned homes.

The St. Lawrence Market, a landmark in Old Downtown Toronto, stands proudly as the home to over 200 food vendors and is frequented by tourists and locals alike. This market founded in 1803, was recently ranked by National Geographic as the best food market in the world.

A family-friendly neighbourhood with residents from mixed incomes and many different cultural backgrounds. A focal point of this neighbourhood is the St Lawrence Community Centre. The community centre shares its space with Market Lane Public School and the St Lawrence Community Day Care. It offers a full range of programming for families, children, adults and seniors. David Crombie Park across the street from the community centre along The Esplanade provides residents with plenty of green space and recreation.

The St.Lawrence neighbourhood has been critically acclaimed as a major success story in urban planning. It has become a model for the design and planning of new neighbourhoods across North America.

Lifestyle:

 

The Esplanade, which runs through the middle of the St. Lawrence neighbourhood, contains retail stores and services that meet the day-to-day needs of the St. Lawrence residents. The Esplanade’s restaurants, bars, and specialty stores also appeal to tourists as well as Torontonians from other neighbourhoods.

St. Lawrence residents have the luxury of being able to walk to the famous St. Lawrence Market, a food emporium with over 200 vendors again attracting shoppers from near and far. Stroll through this Toronto landmark and be entertained by live performers, enjoy a vast variety of prepared foods, and purchase everything from fresh seafood to farm fresh eggs and organic chicken. Shopping at this market dubbed the best food market in the world by National Geographic is an experience not to be missed. The South Market is open all week long while the North Building, also known as the “Farmers’ Market”, is open only on Thursdays and Saturdays.

Homes:

 

The apartment buildings and townhouses in the St. Lawrence neighbourhood were designed by some of Toronto’s most accomplished architects. The one consistent feature in these designs is the use of red brick exteriors on all the homes.Private and non-profit housing, market rental buildings, all co-exist here.

In the last few years the St. Lawrence neighbourhood has seen the addition of new luxury glass and steel condominium apartment buildings that proliferate throughout the downtown core.

Recreation:

 

David Crombie Park is a multi-faceted linear park that runs through the centre of the St. Lawrence neighbourhood, along The Esplanade. This park includes pretty strolling and sitting gardens, a waterfall, a handball court, and a basketball court.

The St. Lawrence Community Recreation Centre is located on The Esplanade. This modern facility includes squash courts, a swimming pool, a gymnasium, a piano room, a weight room, and a games room. Food has been at the heart of the St. Lawrence neighbourhood in East Toronto dating back to 1803, when Lieutenant Governor Peter Hunter declared the area that encompassed Front Street to King Street and Jarvis Street to Church Street as the “Market Block.” Toronto citizens have been buying local farm-fresh produce at the St. Lawrence Market for over 200 years. So it seems appropriate given its rich tradition in food that the St. Lawrence Market is home to The Market Kitchen, a cooking school and event venue. The Market Kitchen is located on the west mezzanie of the south market.

 This 2,400 square foot space resembles a funky hard loft with exposed brick, soaring original windows, and polished hardwood floors. An open view of the marketplace below adds ambiance and a sense of inspiration to those pursuing culinary excellence. The Market Gallery offers cooking classes for all levels as well as hosting a myriad of events held year round . The Market Kitchen also conducts events for couples and children. It also hosts a popular Celebrity Chef series that gives participants the opportunity to be in the kitchen with some of Canada’s critically acclaimed chefs.

Transportation:

 

Union Station is within walking distance of the St. Lawrence neighbourhood. TTC, Go Transit and Via Rail services operate out of Union station.

The Gardiner Expressway, Lake Shore Boulevard and Don Valley Expressway are all conveniently accessed within minutes of the St. Lawrence neighbourhood.

Rent Vs Buy

Renting vs. buying a home is a big decision, and there are pros and cons to each option. In fact, a higher percentage of U.S. households are renting than at any point since 1965, according to a Pew Research Center analysis of U.S. Census Bureau data released in 2016.

For some people, renting comes down to what they can afford at the moment.

“I was a long-term renter because I wanted to wait to buy until I could afford to stay in my current neighborhood,” says Atlanta resident Jennifer Walker, a public relations executive who bought her first home this spring. “I didn’t realize that there were affordable options.”

For Walker and other aspiring homebuyers, working with a savvy real estate agent and lender can help them realize they’re ready to take the plunge.

The answer to the rent vs. buy a home debate isn’t so cut and dried. Here are five questions to ask 

• when considering renting vs. buying:
• What can you afford?
• How long do you plan to stay in the home?
• Do you want stability or flexibility?
• Can you afford to be responsible for home repairs/maintenance?
• What are your financial, career and family goals?

Renting vs. buying a house: Calculating the costs
There are different costs associated with renting and buying. Using Bankrate’s rent vs. buy calculator helps you break down some of these expenses.

Most rental properties require a security deposit, which protects the landlord against damage caused by the renter. You’ll usually put down the first and final month’s rent payments when you sign a lease. When evaluating a lease contract, ask if your monthly rent includes utilities, such as water, electric, gas, cable or internet.

For homebuyers, one of the biggest ongoing costs of homeownership is your monthly mortgage payment, which includes the loan’s principal and interest amounts. Your payments can go up or down over time if your loan is variable rate or your property taxes and homeowners insurance premiums change. If you put less than 20 percent down, your lender will typically require you to purchase private mortgage insurance, or PMI, which drives up your monthly payments, too.

Be prepared for some of the hidden expenses that come with homeownership that catch many first-time homebuyers off guard and can lead to buyer’s remorse.

“During the process, the buyer will need to pay for a home inspection and for any quotes for repairs needed from contractors. They will also put down at least 1 percent of the sales price for earnest money,” says Michelle Hopson, a sales agent with Compass Real Estate in Dallas.


Having a sizeable down payment — anywhere from 3 percent to 20 percent of the home’s purchase price — is expected. If you’re purchasing a property in a homeowner’s association, or HOA, you’ll need to factor in monthly HOA dues, which can cover services like landscaping, exterior maintenance and community amenities.
Differences between renting vs. buying

Renting vs. buying a home isn’t a matter of ownership. Here are other key differences between the two options.
Buying a house can build equity

Homebuyers can capitalize on the equity their home accumulates over time. That means if the home’s value goes up, you’ll cash in on the higher value when you sell. Plus, with a fixed-rate mortgage, you won’t have to worry about rising rents.

“Interest rates are so low now,” Hopson says. “That means borrowing money is very inexpensive today. In Dallas, where rents are high, it can almost be as affordable to purchase as to rent in many parts of the city. If you can qualify for a home and build some equity, that ultimately makes more sense than renting.”
Tax implications

Another factor for buyers to consider is whether you will be able to deduct the mortgage interest at tax time. Tax laws allow those who itemize their taxes to write off their mortgage interest payments. However, not everyone is eligible to itemize deductions, and changes to the tax laws in 2018 means that more people won’t be able to deduct as much of their mortgage interest and property taxes as they used to.
Home maintenance costs

Homes need repairs and maintenance over time, and when you’re renting, those costs are generally the landlord’s responsibility. For instance, in an apartment, if the HVAC system or refrigerator breaks, the landlord has to fix it. On the other hand, as a homeowner, you’ll be on the hook for those repairs and ongoing seasonal maintenance, and they can add up fast.

Katie Schanck, a Realtor with Keller Williams in Atlanta, advises her clients to factor in these costs when evaluating if they can afford to purchase a home. She encourages buyers to carefully review the seller’s disclosure and get a home inspection to be aware of potential red flags.
Want flexibility? Rent

If you’re moving to an unfamiliar city, have an unstable job situation or don’t know what neighborhood will feel like home, renting for a period of time can be a great option.

“During that rental period, people really get a sense for what they like or don’t like, and we can also start exploring different purchasing options during that time,” Schanck says.
Consider your life stage and goals

While no one has a crystal ball, it’s important to evaluate your current life situation and how much it’s likely to change in the immediate future.

“I recommend clients who are going through life changes, like divorce or downsizing, to rent as a way to decompress before making a large purchase that may not be right for their new lifestyle,” Hopson says.

Schanck agrees, encouraging her clients to think ahead.

“For clients who have a changing personal situation, such as getting married or planning to have a child soon, I encourage them to look at properties they’re not going to outgrow quickly,” she says. Another consideration: Can you afford a home that will fit your lifestyle in the next few years, or will a tight budget limit your options?

“It may be better to wait or rent for a little while until they can afford the home they can live in for some time or grow into with their family,” Schanck says.
Bottom line: Choose what’s right for you

It may be helpful to talk with a trusted real estate agent to help you think through the decision to rent vs. buy a home. Here’s a list of pros and cons to help you on your way.
Renting vs. buying a home: A comparison
Buying

Advantages
May build equity and credit
No landlord to answer to
More stability (especially with schools)
Possible tax benefits
Can improve or upgrade home to your taste

Disadvantages
Requires substantial money, paperwork up front
Could lose money if home values decline
Extra expenses beyond mortgage payments
Rising home prices and low inventory in many markets
Responsible for repairs, remodeling
Renting

Advantages
Fewer upfront costs and paperwork
Freedom to be more mobile
Not responsible for maintenance, repairs
No need to worry about falling home values
Build credit (if your landlord reports rent payments to the credit bureaus)
No property tax bills

Disadvantages
Landlord can raise rent or sell the property
Choices may be limited depending on vacancies
Might have to move multiple times
Don’t build equity
No tax benefits

COVID-19: Should you buy a home now, or wait?

It almost goes without saying that COVID-19 has had a far-reaching impact on the Canadian economy and healthcare system in the first half of 2020. As expected, the spring housing market was much cooler than 2019, with the Canadian Real Estate Association (CREA) confirming that May 2020 recorded the lowest volume of sales in May since 1996. Despite the significant drop in sales volume due to the pandemic, though, national home prices remained relatively stable. 

After a quiet April, market activity began to pick up in local housing markets across the country in May: more buyers resumed their home searches, and more sellers began to list their homes. With more home buyers and sellers hopping off the sidelines, housing competition is starting to heat up in many regions. In Toronto and Vancouver—Canada’s largest markets—demand and supply were evenly matched in May, whereas in Southern Ontario markets like Ottawa and Hamilton-Burlington, buyers faced ever fiercer competition for available homes than last year. In Edmonton and Fraser Valley, B.C., on the other hand, demand and supply dynamics gave buyers in May more leverage than sellers. 

Given how swiftly conditions have changed and continue to evolve in housing markets across the country, prospective home buyers may be wondering: Is now a good time to jump into the market?

Perhaps. With interest rates at historic lows, if you are able to buy and hold a home for the medium to long term, this might be a good time to buy. Here are all the factors you should consider as you make your decision. 

Account for your finances and your lifestyle needs

For many Canadians, finances are just one part of the story, and the decision to buy a home often goes beyond the dollars and cents. To put it simply, people need to make changes in their lives and move—regardless of whether there is a pandemic or not. 

If you have done the math and are confident about your financial ability to carry a new home, this is a great opportunity to take advantage of low interest rates. 

Consider why you want to buy in the first place. Perhaps you’ve had a relationship or family change; a divorce or a baby on the way are common reasons people choose to move. Alternatively, do you want to be closer to family, in a good school district, or have better transit access? If you started planning a move before the pandemic, consider whether and how COVID-19 has altered these priorities. 

Once you’ve determined why you need to move, consider how your lifestyle needs may evolve. After all, you will be living in the home you purchase for at least a few years, so you need to think about whether the home you buy is a fit for your needs both today and tomorrow. If you can find what you want, in the location you desire, and are comfortable living there for at least five years, take the leap. 

Real Estate commission in Toronto

If I want to sell my Toronto home, how much would be the standard real estate commission?

That’s the questions you might have asked yourself when you decide to market your property or sell it.

Other questions that might come to your mind are usually, how can I sell my house or condo? Or how much cost is involved in selling my property? Or how much is the real estate commission in Toronto?

Answer to those questions is not a one size fits all. It all depends on the type of property, location and many more. Below here we’ll go through the Range of commission you should expect in Toronto, and why!

Let’s start from the basics. As a seller you can have the option to sell your Toronto property yourself, or ask a toronto real estate agent to help you selling your Toronto property. Sellers, mostly, choose to use a Toronto REALTORⒸ when it comes to sell one of their biggest assets. However that involves agent fees or commission, which we’re gonna talk about ir down below this article.

There are several reasons why a seller chooses to sell his/her property with a real estate agent, I’ve covered it in another article called :


What does a real estate agent do for sellers and buyers?


But the most important reason is that a real estate agent buys and sells properties maybe tens of times in a year, whereas an average consumer in their entire life, sells an average of 4 properties.

Other than that, in a nutshell, a real estate professional can help you with:
Evaluating your home’s price and doing the CMA
Setting the Pricing Strategy
Setting the Marketing strategy
Preparing the home for sale
Setting the strategy and managing the offer presentation
Following up to make sure you are gonna have a smooth transition and buyer closes the purchase successfully.
Typical Real Estate Commission in Toronto

In Toronto, or in Canada in general each real estate transaction has 2 sides:
First one is the Listing side, It’s called the Listing agent.
Second is the co-operating side, It’s called Co-Op agent, also known as Buyer Brokerage.

The typical commission for each side varies depending on Geographic locations, the amount of service provided and so forth, and is not always the same, literally not one size fits all. In order for you to have an idea, in Toronto, the real estate commission is usually fluctuates around 2.5% for the co-op agent and 2.5% for the listing side and marketing more or less.

Now here is the catch, the next question that you might want to ask is, how much service do you get for the amount of commission. Like everything else, the commissions are negotiable, but it depends on the asset type, the marketing strategy, and the services that the Listing agent provides to you.

As mentioned before, there are 2 real estate sides involved in the sale ( Unless it’s a multiple representation which will be explained below this article). A commission or fee for service is paid from the proceedings of the sale. That means you have zero cost upfront in that regard and the sales representative and real estate broker takes on the marketing costs ( depending on your agreement ). In multiple representation, there is a way for you to pay less commission as well, which I have explained it in the last part of this article.

Each real estate brokerage has a sales representative or broker working on their behalf. The commission is typically split between brokerages, and then between the Brokerage and the respective REALTORsⒸ. Now the real estate agent has to pay all the marketing expenses, as well as other business costs and taxes.

The below image is for information purposes only and the percentages may vary depending on the market and or brokerages and their policies.

source: Real Estate Commission in Toronto

While they can feel similar on the outside, look the same on the inside and cost about the same in rent, there are differences.


To help you out, we’re breaking down what sets each apart to make it easier for you to decide which best fits your preferred lifestyle.

Ownership


The main difference between a condo and an apartment is ownership. This also impacts the management of the property. While condos are usually managed by a Homeowners’ Association (HOA), each individual unit has a separate owner. You have the option to purchase a condo, as you would a house. If you end up renting a condo, your property owner will differ from the unit next door.


The ownership of apartment buildings is completely different. Individual apartment units cannot be purchased separately. Instead, apartment buildings typically have one owner, most likely a corporation, with units leased to individual tenants.


Because of this difference in ownership, apartments are also often managed by a third-party company, and not the building owner. Leasing an apartment often means you work with a management company rather than the property owner.

Rules


Ownership also impacts the rules governing a condo and an apartment. While the basic can and can’t dos are often the same, enforcement and management of the rules differ.


For instance, in an apartment, the property management company enforces rules, and those same rules apply to all the units. According to the Department of Housing and Urban Development, the most basic responsibilities include:
Following the rules and guidelines of your lease
Paying rent on time
Maintaining noise levels that won’t cause a disturbance
Keeping your apartment reasonably clean, especially around the entrances to the unit
Disposing of garbage and waste properly


There may be additional rules to follow, particularly if you live in a pet-friendly building, but assume basic regulations like these will be strictly enforced.


Rules can be trickier with a condo. Aside from guidelines set by the HOA for common areas outside of the units, restrictions within condos may vary. Owners have the ability to set their own regulations and could have some unique requests. Make sure to ask about the “house rules” before signing a lease.


Many of the rules set by the HOA impact the owner directly and not necessarily the renter. They can include stipulations for paying fees, which help cover maintenance for common areas and the building exterior.


In some cases, HOAs have restrictions on the number of units designated as rentals. This is something to keep in mind when thinking about purchasing a condo with the intention of renting it.

Costs


Rent for an apartment is almost always a fixed amount for the extent of the lease. Most increases, if they’re going to happen, occur when it’s time to renew, although with enough notice, it’s legal for your rent to go up mid-lease. Some apartments offer month-to-month or short-term leases, but the agreements are usually for a year.


Apartment rent often depends on the market rate and unit availability. It’s also a good rule of thumb to factor in a few extra costs when calculating what rent you can afford. Some apartments will require you to have renter’s insurance, which is a minimal, extra cost.


Utilities are also often not included in your rent. The cost-per-month for these will vary by season, but according to Joe Roberts from move.org, “people who rent apartments should plan to spend $100-$150 (sometimes more) per month for utilities.”


If you’re renting a condo, your payments will also be a fixed amount for the rental period unless your agreement states otherwise. Property owners decide on the cost of renting a condo, which means it can differ between units.


Some owners include HOA fees and utilities as part of the rent for a flat fee, so you’ll pay once per month for all the basics. Utilities will average out in a condo at about the same as the apartment numbers above. HOA fees can vary, but, “some studies suggest that you can expect to pay…between $200 and $300,” per month says Javier Simon, CEPF® from Smartasset.

Amenities


Units in apartment complexes have pretty standard features that are the same across the community. Sometimes there are different floor plans available and options for standard or upgraded appliances if the property owner is investing in updates for within units. In the building itself, apartment amenities can include any of the following:
Free parking
On-site laundry
Pool
Gym
Community room available to rent for events
Business office
Park
Playground
Car wash


Any conveniences that make a property more appealing fall into this category, and can be what makes an apartment building stand out, especially in newer apartment complexes. The more luxurious the apartment, the wider the range of available niceties.


Condo community amenities are pretty much the same as what you’ll find in an apartment complex. Inside the units is where things will differ the most. The features here are sometimes more unique and upscale with things like granite countertops, hardwood floors and vaulted ceilings.


This is because quality amenities can create higher property value for the owners. According to updater, washers and dryers, high-end kitchen appliances and hardwood floors are the most common upgrades owners prioritize.

Maintenance


Free maintenance is a perk of renting an apartment. Some complexes offer services that let you submit work orders online and have 24-hour, on-call emergency maintenance so you can still get service after hours. Issues are usually resolved in a timely manner and can even get fixed when you’re not home.


Not only do you save money in not having to pay for repairs, but you get to keep all the time you’d normally have to spend waiting for a repair person to come and address the issue.


In a condo, you or the property owner are responsible for the maintenance of the unit. This could mean more out-of-pocket costs for you in the long run. It’s important to discuss who handles what, and get these terms in writing before you sign a lease.


If you have issues with your condo rental, you have to contact the owner, who may not be available at your convenience. This could mean longer wait times for completed repairs as well.


In both cases, common areas, including the outside of the building, are not your responsibility. The HOA fee maintains those spots in condo buildings and the property owner handles anything in an apartment.

Which is the better choice for you?


Renting an apartment typically offers a more professional experience. Renting a condo can be a more laid back arrangement, but with fewer services than an apartment. Both have positives and negatives, which is why it’s important to know your preferences.


Understanding what you find at both can help separate the difference between a condo and an apartment in order to select the perfect home. The decision is really about what you’re seeking as an individual in terms of short-term vs. long-term goals and your desired standard of living.

The best restaurants in downtown Toronto

Amano

Union Station, 65 Front St. W., 647-350-0092, eatamano.com
Of all the recent changes to Union Station, the most radical is that it’s become a place where you might go just to eat. There’s a shop selling Brandon Olsen’s delectable CXBO chocolates, a location of Yannick ­Bigourdan’s Union Chicken, and a branch of sausage and beer hall Wvrst. There’s also the excellent, pasta-­centric Amano. Bigourdan, who was a partner in Splendido during its heyday and currently runs Carbon Bar on Queen East, is also involved here, which explains the gracious servers, smart wine list, and slick room of marble, subway tile and leather sling seats that fool you into forgetting you’re in the bowels of a transit terminal. The chef and co-owner, Michael Angeloni, is a noodle savant when it comes to both classics (rigatoni with bolognese; ­farfalle with walnut-arugula pesto) and impieties (campanelle with Dungeness crab and mustard seeds; mezzaluna stuffed with short rib in a ­jalapeño-spiked jus).

Ardo

243 King St. E., 647-347-8930, ardorestaurant.com
Some of the city’s best-known Italian restaurants have a cultivated ambiance one step below a private club on nonmembers’ night, which makes Ardo notable for its unfussy sophistication. It’s more for the not-for-tourists set than the social-media influencers. And chef Roberto Marotta wears his southern-Italian stripes proudly: “Sicilian” appears on the menu 27 times, in pastas like the Anatra, with its long strands of fettuccine, rich duck ragoût and Sicilian herbs; and pizzas like the Etna, a fiery number with house-made Sicilian sausage. One of the few dishes that doesn’t reference the island is the standout mushroom gnocchi, dime-sized dough pockets swimming in an addictive stracchino cheese sauce slicked with black truffle oil, kernels of corn and tiny cubes of carrot. Your urge will be to cram six to a fork, but it’s better to savour them and use the house-made sourdough to soak up any leftover sauce.

The Chase

10 Temperance St., Flr. 5, 647-348-7000, thechasetoronto.com
When it opened in 2013, the Chase immediately became the city’s most cherished spot for Bay Street schmoozing, with floor-to-ceiling windows offering incredible views of the Financial District. Dishes are a tight mix of pastas, meaty plates and steakhouse classics, like the wedge salad or the tableside-prepared beef tartare. Delicate gnocchi dumplings come in a Dungeness crab broth with carrot-infused butter and piquillo peppers; perfectly seared scallops are paired with salty ham hock, pea purée and crispy quinoa; and thin fillets of rich arctic char are wisely accompanied by pickled carrots, creamy confit sunchokes, root vegetable chips and earthy braised kale. Well-executed desserts, like the chocolate cake with creamy ganache, peanut-butter anglaise and vanilla ice cream, put a refined spin on the classics.

Miku

105-10 Bay St., 647-347-7347, mikutoronto.com

From the moment it debuted, Miku’s 180-seat dining room has been overrun—an advantage of being in the heart of the new office district south of the Gardiner. The kaiseki menu consists of cleverly combined exotica. One night, the kaiseki’s star course is a tiered plate of sushi: ocean trout with jalapeño and pink grapefruit, toro with funky black truffle, golden-eye snapper with kumquat compote, and shima-aji (mackerel) with okra and a dashi jelly—it was one of the most exciting things to happen to fish since Nemo reunited with his dad.

Canoe

66 Wellington St. W., 416-364-0054, canoerestaurant.com


Locals point out landmarks to tourists, patient servers snap pics of celebrating couples and everyone oohs and aahs over the view. Honouring Canadian cuisine and ingredients for 23 years has taught the kitchen something about presentation, and the elaborately plated dishes compete with the vistas for sheer beauty. A plump slab of seared Quebec foie gras rests on a sliced cattail-pollen waffle; shards of pink peppercorn and sumac meringue add a colourful, savoury, architectural component. A tangle of tender spring pea shoots, dressed with verjus and minted buttermilk curd, act as a healthy foil for meaty peameal bacon lardons and shaved ricotta salata. Exceptionally tender and flavourful tea-smoked duck breast mingles happily amid a jumble of radicchio, roasted parsnip, poached Niagara pear and a swizzle of parsnip purée. And a tube of rhubarb cheesecake is a creamy pink, red and yellow confection that oozes strawberry compote. Canadian winemakers are given pride of place on the extensive wine list, naturally, but care and attention are apparent with all the selections.

The Difference Between a Condo and Apartment: Which is Better for You?

While they can feel similar on the outside, look the same on the inside and cost about the same in

rent, there are differences.


To help you out, we’re breaking down what sets each apart to make it easier for you to decide which best fits your preferred lifestyle.

Ownership


The main difference between a condo and an apartment is ownership. This also impacts the management of the property. While condos are usually managed by a Homeowners’ Association (HOA), each individual unit has a separate owner. You have the option to purchase a condo, as you would a house. If you end up renting a condo, your property owner will differ from the unit next door.


The ownership of apartment buildings is completely different. Individual apartment units cannot be purchased separately. Instead, apartment buildings typically have one owner, most likely a corporation, with units leased to individual tenants.


Because of this difference in ownership, apartments are also often managed by a third-party company, and not the building owner. Leasing an apartment often means you work with a management company rather than the property owner.

Rules


Ownership also impacts the rules governing a condo and an apartment. While the basic can and can’t dos are often the same, enforcement and management of the rules differ.


For instance, in an apartment, the property management company enforces rules, and those same rules apply to all the units. According to the Department of Housing and Urban Development, the most basic responsibilities include:
Following the rules and guidelines of your lease
Paying rent on time
Maintaining noise levels that won’t cause a disturbance
Keeping your apartment reasonably clean, especially around the entrances to the unit
Disposing of garbage and waste properly


There may be additional rules to follow, particularly if you live in a pet-friendly building, but assume basic regulations like these will be strictly enforced.


Rules can be trickier with a condo. Aside from guidelines set by the HOA for common areas outside of the units, restrictions within condos may vary. Owners have the ability to set their own regulations and could have some unique requests. Make sure to ask about the “house rules” before signing a lease.


Many of the rules set by the HOA impact the owner directly and not necessarily the renter. They can include stipulations for paying fees, which help cover maintenance for common areas and the building exterior.


In some cases, HOAs have restrictions on the number of units designated as rentals. This is something to keep in mind when thinking about purchasing a condo with the intention of renting it.

Costs


Rent for an apartment is almost always a fixed amount for the extent of the lease. Most increases, if they’re going to happen, occur when it’s time to renew, although with enough notice, it’s legal for your rent to go up mid-lease. Some apartments offer month-to-month or short-term leases, but the agreements are usually for a year.


Apartment rent often depends on the market rate and unit availability. It’s also a good rule of thumb to factor in a few extra costs when calculating what rent you can afford. Some apartments will require you to have renter’s insurance, which is a minimal, extra cost.


Utilities are also often not included in your rent. The cost-per-month for these will vary by season, but according to Joe Roberts from move.org, “people who rent apartments should plan to spend $100-$150 (sometimes more) per month for utilities.”


If you’re renting a condo, your payments will also be a fixed amount for the rental period unless your agreement states otherwise. Property owners decide on the cost of renting a condo, which means it can differ between units.


Some owners include HOA fees and utilities as part of the rent for a flat fee, so you’ll pay once per month for all the basics. Utilities will average out in a condo at about the same as the apartment numbers above. HOA fees can vary, but, “some studies suggest that you can expect to pay…between $200 and $300,” per month says Javier Simon, CEPF® from Smartasset.

Amenities


Units in apartment complexes have pretty standard features that are the same across the community. Sometimes there are different floor plans available and options for standard or upgraded appliances if the property owner is investing in updates for within units. In the building itself, apartment amenities can include any of the following:
Free parking
On-site laundry
Pool
Gym
Community room available to rent for events
Business office
Park
Playground
Car wash


Any conveniences that make a property more appealing fall into this category, and can be what makes an apartment building stand out, especially in newer apartment complexes. The more luxurious the apartment, the wider the range of available niceties.


Condo community amenities are pretty much the same as what you’ll find in an apartment complex. Inside the units is where things will differ the most. The features here are sometimes more unique and upscale with things like granite countertops, hardwood floors and vaulted ceilings.


This is because quality amenities can create higher property value for the owners. According to updater, washers and dryers, high-end kitchen appliances and hardwood floors are the most common upgrades owners prioritize.

Maintenance


Free maintenance is a perk of renting an apartment. Some complexes offer services that let you submit work orders online and have 24-hour, on-call emergency maintenance so you can still get service after hours. Issues are usually resolved in a timely manner and can even get fixed when you’re not home.


Not only do you save money in not having to pay for repairs, but you get to keep all the time you’d normally have to spend waiting for a repair person to come and address the issue.


In a condo, you or the property owner are responsible for the maintenance of the unit. This could mean more out-of-pocket costs for you in the long run. It’s important to discuss who handles what, and get these terms in writing before you sign a lease.


If you have issues with your condo rental, you have to contact the owner, who may not be available at your convenience. This could mean longer wait times for completed repairs as well.


In both cases, common areas, including the outside of the building, are not your responsibility. The HOA fee maintains those spots in condo buildings and the property owner handles anything in an apartment.

Which is the better choice for you?


Renting an apartment typically offers a more professional experience. Renting a condo can be a more laid back arrangement, but with fewer services than an apartment. Both have positives and negatives, which is why it’s important to know your preferences.


Understanding what you find at both can help separate the difference between a condo and an apartment in order to select the perfect home. The decision is really about what you’re seeking as an individual in terms of short-term vs. long-term goals and your desired standard of living.

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I set up this blog to talk about Toronto city real estate, living conditions, costs, neighborhoods, etc. I hope we have good days.


Naderi