Difference between rental apartments and condominiums (condos)

[vapor10]

Hi there,

could you please tell me what are the differences between rental apartments and condominiums (condos) in Canada in Toronto (the quality, price, location, services offered ...) ?

Source : http://www.cic.gc.ca/english/newcomers/after-housing.asp

Thanks in advance !

 

[steaky]

Condos: You can buy or rent
Rental apartment: You can only rent from a landlord

For quality, price, location, services offered, you will have to check it out whether in person or website!

 

[canuck78]

In general condos will be newer and more expensive per sq ft.

 

[vapor10]

Thank you guys for your replies !

 

[anujoshi]

Hi there,

could you please tell me what are the differences between rental apartments and condominiums (condos) in Canada in Toronto (the quality, price, location, services offered ...) ?

Source : http://www.cic.gc.ca/english/newcomers/after-housing.asp

Thanks in advance !

Hello!

A rental apartment is a unit in a rental building specifically which you can only rent out from the landlord (usually 1 company owns the whole building and manages all the unit rentals).

A condo building has units that have individual ownership and each condo apartment can be owned by a different person - sometimes these unit owners also rent out their condo apartments (through Realtors or on Kijiji, etc.).

Age
There are fewer new rental buildings, whereas brand new condo buildings are built literally every year throughout the GTA.

Amenities
In terms of amenities, there is a misconception that condos are always better than apartment buildings. Usually, that is the case since rental buildings are overall older, and therefore have less amenities. Some old condo buildings also may have less amenities. Newer buildings (whether condos or apartments) usually have a full host of amenities like pool, gym, etc. The quality of the amenities is usually better in a condo building since the owners are paying more premium for it.

Price
Renting in a rental building is overall cheaper than renting in a condo building. The main difference is due to amenities available, age of building, and other aesthetic features.

As a Realtor, I would recommend that you tour each type of property so that you know exactly what you are getting into. At the end of the day, this is going to be your and your family's home for usually minimum 1 year, so you should make sure you are comfortable. Condo apartments and rental apartments vary significantly from building to building, and there is no general way to evaluate everything at once. I would recommend finding listings online or through a Realtor for apartments available at the time of your landing - or 3-4 weeks before it - to see what is out there. The rental demand throughout the GTA is very high, so it's not too helpful to look at and narrow down an apartment 2 months before you land, because chances are it will be gone by the time you get here.

Good luck with your search!

 

[vapor10]

Thank you very much @anujoshi. I think 1 month before landing I will definitely contact a real estate agent .

 

[Ansh80can]

Hi All,

I would be arriving in Toronto in Feb end.
Wanted to understand how the market works there.

Planning to book a hotel for initial 4-5 days and look for long term accommodation in that time.

• If we engage some real estate broker, how much do they charge for showing around the properties?
• Is there some fixed fee or we pay only if we finalize to stay in the property shown by them?
• Can we engage more than 1 Real Estate agent and check the properties on their list and finalize the property as per our convenience?
• Are there any Government sponsored agencies helping in this regard?

Thanks in advance !!

 

[anujoshi]

Thank you very much @anujoshi. I think 1 month before landing I will definitely contact a real estate agent .

Let me know if you require any help!

 

[anujoshi]

Hi All,

I would be arriving in Toronto in Feb end.
Wanted to understand how the market works there.

Planning to book a hotel for initial 4-5 days and look for long term accommodation in that time.

• If we engage some real estate broker, how much do they charge for showing around the properties?
• Is there some fixed fee or we pay only if we finalize to stay in the property shown by them?
• Can we engage more than 1 Real Estate agent and check the properties on their list and finalize the property as per our convenience?
• Are there any Government sponsored agencies helping in this regard?

Thanks in advance !!

Hi, I'll do my best to answer your questions:

1. Most Realtors don't charge anything for showing properties - although they do require you to sign with them (they are basically working for you, for free).

2. In most transactions, if you hire a real estate salesperson or broker to work for you, their services to you as a TENANT or a BUYER are generally free (landlord or seller pays Realtor fees for both Realtors in nearly all official Realtor.ca listings). However, if you or they find an off-market property (where the landlord or seller has not agreed to pay any Realtor fees), then you would be liable for paying your Realtor's fees (usually it is half month's rent plus tax); you are not liable to pay any fees to the other Realtor if there is any involved, only pay your own Realtor for working for you.

3. You cannot engage more than one real estate salesperson or broker at one time for the same purpose (they are not allowed to do this either, as this is professional misconduct to work with someone else's clients). A lot of people think they are being "clever" by talking to multiple Realtors and refusing to sign with anyone - but then this is morally wrong on your part... you can be sued. Please note that all Realtors have access to the same listings on our central MLS system which covers the entire GTA and other parts of Ontario (so if any Realtor tells you they have "exclusive" listings or something no other Realtor can show you - beware). Just pick 1 right, honest, trustworthy Realtor to work with and you will not have a bad experience.

4. Not sure exactly what you mean by "government sponsored agency" but CREA (Canadian Real Estate Association) runs Realtor.ca which provides listings from all Realtors throughout Canada. If you look for a property on that, they are listed by Realtors that have to follow certain rules and regulations in terms of the rental (often much safer than going for Kijiji and private listings). If you are looking on Realtor.ca it is always advisable to have your own Realtor to represent you. The listing agent is working for the seller/landlord. No matter how "nice" they are, they are not representing you or your interests - their duty is to their existing client, the landlord/seller. Get yourself a Realtor to represent you.

I would recommend that if you are staying away from kijiji and private listings, you should engage 1 Realtor. They will have access to all listings on Realtor.ca (public portal) and a few more on MLS (our professional Realtor network). If they are a good Realtor, they will be able to find you safe, reliable accommodation based on availability... all without you having to pay them anything for their professional services.

Remember - Realtors basically work for you (tenant) for free - so it is important to be respectful of their time and expertise. I have been selling real estate and doing rentals for many years and worked with so many families settling in Canada; I just wish everyone was as sincere and honest with me as I am with them.

Good luck with your search!