Living the downtown Toronto Condo lifestyle has its just rewards when it comes to commuting. In fact those rewards will increase to grow even further when the the GTA can look forward to a 45 percent increase in commute times between now and 2031.
Currently, Toronto is ranked as one of the five most clogged North American cities and with an addition of three million more people and 1.5 million more cars, we could be equal to the ranking leader, Los Angeles.
Granted, Toronto condos are somewhat smaller than your suburban home but the commute is so much shorter..how about walking to work or if the weather is bad, take a short cab ride door to door.Did we mention the amenities that come with most new condos?
First your mortgage will be much smaller as the price will be much less than your home in the suburbs and you can get rid of a second car. The money you save can go again towards your mortgage that will be much smaller and now paid off even faster. Public transit would help as well in the new Green.
The Canadian Automobile Association estimates the cost of owning and operating a car in Canada at $8,500 to $13,000 a year. No wonder a lot of condo owners enjoy suites with no parking at all and they look forward to renting on the odd weekend for short trips or visits.
Applying these savings towards your mortgage would save tens of thousands of dollars in interest alone over the mortgage term and slice your mortgage term nearly in half according to some financial planners.
Recently CBS television’s Sunday Morning had a segment on the Long Commute. It went on to show just how long people are commuting, some up to three hours every day in order to live in a community of their choice but work in areas where the jobs are. They showed examples in Washington and New York where commuters adjust and learn to cope with their ride by bus, train or car into work.
Many downtown Condo owners can look over the jammed Gardiner Expressway from their Toronto location and see commuters inching towards work or home depending on the time of day. Bayview and Yonge street condo owners look out over the 401 and jump on public transit (TTC) to whisk them to their workplace.
This is one reason most of my clients are wisely purchasing Condos in the downtown core and also North York. My toronto real estate website has many of the updated MLS condo and loft listings.
