17 October 2014
Ken Ramsay

How to Put Your Worries About Condo Longevity at Rest

While the supply and demand of condominiums rises and wanes, one concern is evident following the speedy developments of condos in Toronto, how long will they last?

When a building is put up quickly, the saying “quality over quantity” comes to mind. With such speedy development, the quality of building standards may suffer. So much so, that glass panels have been known to fall clear off 65 story buildings (see story). The life expectancy of condos of this era will barely reach 20 years before significant need for repairs will arise. While many sources will tell you to plan to only reside in one for five years, it is not necessarily so. 

One way to ease your mind, is to look into your home warranty with Tarion. All new condos come with Tarion warranties that cover a variety of items for up to seven years.  There are a few things to consider. First of all if you're buying new have your Realtor do the PDI (pre-delivery inspection) with you.  We spend all day looking at properies and will notice more than you will.   I love being the bad guy on PDI's!  Second, you should register for the warranty yourself as opposed to working through the builder to do it.  Thirdly, when moving into a newer condo, check the status of the warranty that is already in place to ensure that it came with Tarion and to verify what coverage is remaining.

With such low vacancy rates, a buyer's options should not be stressfully limited due to construction eras. As long as research is done concerning warranties and the reputation of the developer, the likelihood of chronic headaches from uncovered repairs are low. 

Toronto Condos

(Photo by Mark Blinch/Reuters)