Today, if you\u2019re buying a home in Toronto, you are statistically likely to be considering a condominium \u2014 not only for affordability but for location and lifestyle. 91 percent of all June 2017 new home sales, according to Altus Group data, were condominium high-rise.<\/p>\n
Condo\u2019s are in \u2014 but what floor?<\/strong><\/p>\n Since many condominium communities offer similar choices of suite layouts on each floor \u2014 with some lower floor and highest floor premium layout exceptions \u2014 the big choice tends to be \u201cwhat floor.\u201d This is, arguably, the most important decision, once you\u2019ve chosen your actual community.<\/p>\n The floor impacts resale value, your own lifestyle and even the rent you can charge if you become a landlord (higher floors tend to command higher rent).<\/p>\n For this analysis, we\u2019re assuming you\u2019ve already chosen your community and that it\u2019s in the location you want, from a quality builder\/developer. In other words, all things being equal, what floor should you choose? Other factors, such as direction and sun exposure are important, too, but we\u2019re simplifying our analysis to floor versus floor.<\/p>\n Vertical location matters<\/strong><\/p>\n Assuming you have choices \u2014 in new condominiums, the unsold units, in resales, the available listings \u2014 the choice will be influenced by factors such as budget (higher floors traditional cost more) and lifestyle-location (this time, vertical location.)<\/p>\n For many of us, a condominium is all about the view, which is why higher floors tend to command higher prices. Yet, many prefer lower floors for very good reasons. Some of the factors you might not have considered. We\u2019ve actually analysed this based on \u201cground floor\u201d versus \u201clower fifteen floors\u201d versus \u201cupper floors\u201d because ground floor is often high demand for different reasons \u2014 such as garden terraces \u2014 and have their own unique pros and cons.<\/p>\n General Analysis<\/strong><\/p>\n Before doing a more detailed pros\/cons analysis, here are some general suggestions : Ground floor (if available) Pros Cons Lower Floors (or mid to low-rise building)<\/strong><\/p>\n Pros Cons Upper floors of high rise and penthouse<\/strong><\/p>\n Pros Cons
\n\u2022 Higher floors general cost more but return higher resale values and rent
\n\u2022 Initial return on investment for landlords or rental investors could be higher on lower floors (however capital re-capture on the sale might be lower)
\n\u2022 Once you are up at the level with \u201cgood views\u201d there may be a \u201cdiminishing return\u201d pushing up even higher.<\/p>\n
\nNote : Many larger downtown projects, do not have ground floors (which might be dedicated to storefronts or amenities.<\/p>\n
\n\u2022 Depending on the community, may have a larger terrace or ground-level mini garden, possibly with real grass!
\n\u2022 Depending on community, ground floor could have premium floorplan with extras space.
\n\u2022 Cooler in the summer.
\n\u2022 Accessibility, especially valuable for older homeowners and people with disabilities.
\n\u2022 No elevator! No stairs! (Especially after the grocery shopping.)
\n\u2022 No one lives below you (of course plenty live above you!). But you can probably not worry about the home-owner below you complaining about your tap classes.
\n\u2022 Sometimes bigger units.
\n\u2022 Closer to the car and the storage units.
\n\u2022 Safety : in the cases of emergency, not only is the ground floor straight exit, the police, ambulance and fire services can access much more quickly.<\/p>\n
\n\u2022 Security : Again, depending on the community, your windows and patio door are easier to reach for criminals, but often communities overcome this with fences, gates or perimeter walls.
\n\u2022 Depending on the community, you most likely have less of a view.
\n\u2022 Probably less daylight and sun. This could be considered an advantage if you don\u2019t like excessive sun\/green house effect and excessive heat in the summer.
\n\u2022Possibly less expensive, unless your community features larger ground floor suites or big ground-floor terraces.<\/p>\n
\n\u2022 More light and better views as compared to the ground floor.
\n\u2022 Resale value : probably higher than ground floor, not as high as upper floors.
\n\u2022 Security : as compared to ground floor, you can virtually leave windows open without fear of burglars (there are some climbers though!)
\n\u2022 Not too high up in the event of power failure (easier and faster to exit by stairs)
\n\u2022 Can walk up with groceries if you\u2019re on a health-kick (it\u2019s good for you!), or down for a quick jog (if you are mobile.)
\n\u2022 Better accessibility (possibly) than higher floors for anyone with mobility issues. In emergencies, this is safer for people with these issues.
\n\u2022 Lower cost (usually) than higher floors, slightly higher (as a rule) than the ground floor.
\n\u2022 Less time on the elevator. The higher floors, at commute times, tend to get crowded by the time residents reach the garage.
\n\u2022 Depending on the floor, and especially if you open windows or use your terrace, less traffic noise the higher you go.
\n\u2022 Possibly less dust (in cities, if you open windows on the ground floor, you can bring in more dust and pollen.)
\n\u2022 Perhaps more privacy than the ground floor (but usually ground floor apartments have walls or fences). The higher you are, the less likely you have prying eyes unless you\u2019re facing another building directly.<\/p>\n
\n\u2022 More time on the elevator and stairs the higher you go.
\n\u2022 Once you get past a base threshold, the prices per floor tend to increase. In modern communities, this can average $1000 a floor.
\n\u2022 Higher floors tend to be hotter in the summer due to greenhouse glass effect, although hey also catch really nice breezes.
\n\u2022 The balcony will be smaller than a ground floor terrace (normally).
\n\u2022 Emergencies : although modern condo communities are very safe with all the latest preventative measures, in the event of power failure or fire exit becomes more difficult, particularly for anyone with mobility issues.
\n\u2022 You now have to give up your tap dancing practice (people below you).<\/p>\n
\n\u2022 Mostly the same as the mid rise or low-rise (above).
\n\u2022 Depending on the community, many designers enhance suite designs at the more coveted higher levels with extra space, bedrooms and luxuries (not all communities, of course!)
\n\u2022 Value for resale increases, as a rule, with each floor up
\n\u2022 Above the 15th floor, normally urban skyline\u2019s are more dramatic, night views are stunning, and if you are in Toronto you have a chance of a lake view.
\n\u2022 Probably less apparent pollution if you open your windows and you are near road arteries.
\n\u2022 Bragging rights (especially penthouse)
\n\u2022 Generally quieter the higher you go, since you have fewer floors above you, and you are more remote from traffic.<\/p>\n
\n\u2022 Many of the same cons as mid rise but with extra emphasis on:
\n\u2022 Elevator time, stairs to climb
\n\u2022 Emergency services : more or less must rely on Emergency Services in a real emergency.
\n\u2022 Less likely to be a target of thieves (if they can somehow penetrate condo security, which is unlikely). Thieves tend to prefer lower floors due to : less time exposed on elevators or climbing stairs, less chance they\u2019ll be caught on security camera, more chance they\u2019ll be seen, more time in the building (longer to escape when alarm sounds) and so on.<\/p>\n