{"id":7307,"date":"2017-11-07T11:11:10","date_gmt":"2017-11-07T19:11:10","guid":{"rendered":"http:\/\/www.roryc.ca\/blog\/?p=7307"},"modified":"2017-10-26T10:26:17","modified_gmt":"2017-10-26T17:26:17","slug":"should-you-pay-more-for-a-condo-on-a-higher-floor","status":"publish","type":"post","link":"https:\/\/www.roryc.ca\/blog\/2017\/11\/should-you-pay-more-for-a-condo-on-a-higher-floor\/","title":{"rendered":"Should You Pay More for A Condo on A Higher Floor?"},"content":{"rendered":"<p style=\"text-align: justify;\">A cursory glance at Toronto\u2019s skyline is enough to tell you that the city\u2019s condo boom shows no signs of slowing. And, while it\u2019s well established that real estate in the GTA has dipped over the summer months, condos are proving to be the most resilient segment. Recent data from the Toronto Real Estate Board shows the average selling price for condominium apartments increased by 28.1% in Q2 compared to the same period in 2016, with condos in the city now fetching an average of $566,513.<\/p>\n<p style=\"text-align: justify;\">That\u2019s a return that far exceeds most mutual funds or stocks, which is what has made condos such a popular investment choice in recent years. And while the Fair Housing Plan has sought to limit speculation in the market and has achieved some success, the returns on condos mean investors still see these properties as a valuable asset, especially in the pre-construction market.<\/p>\n<p style=\"text-align: justify;\"><strong>Are Higher Storeys Worth Added Cost?<\/strong><\/p>\n<p style=\"text-align: justify;\">Despite the segment\u2019s strong performance, slower market conditions mean investors still need to take a savvy approach when selecting a unit with good resale potential. For those mulling over an investment unit purchase in a Toronto or Hamilton condo, there are a few considerations to take into account.<\/p>\n<p style=\"text-align: justify;\">One factor is where in the building the condo is located. Higher floors tend to demand a premium when purchased at the pre-construction stage, as a better view and added security are seen as amenities. However, these are features that quickly lose their value, explains Zoocasa sales agent Ricardo Rolo.<\/p>\n<p style=\"text-align: justify;\">\u201cI think the value in a higher floor is superficial,\u201d he says. \u201cFor me, the extra value would only apply if you are planning on living there yourself. If you are looking at a return \u2013 if it is $10,000 extra for each floor you go up, in a resale you won\u2019t get the return you need. I wouldn\u2019t focus on getting a higher floor unless there was a view that meant you could get more rent.\u201d<\/p>\n<p style=\"text-align: justify;\"><strong>Only Premium Views Command a Premium Price<\/strong><\/p>\n<p style=\"text-align: justify;\">On the shores of Lake Ontario, Toronto residents can enjoy some spectacular views, but the best ones come at a price. In Rolo\u2019s opinion, putting your money into a higher floor condo will only generate returns if it can generate high rents for the owner. A spectacular visage from the balcony would certainly assist that, as he explains.<\/p>\n<p style=\"text-align: justify;\">\u201cAs an investment, the only return I can see that would be worth it is if you bought a penthouse,\u201d he says. \u201cThen you could do an executive rental or an Air B&amp;B short-term rental. You know people will pay more for that.\u201d<\/p>\n<p style=\"text-align: justify;\">The issue with paying thousands of dollars extra as a pre-construction unit is that the same properties don\u2019t hold their value on the resale market. For that reason, Polo advises against paying extra for a higher floor condo, unless you intend to live there yourself. For those thinking of a long-term home, there are obvious advantages to purchasing a condo that reaches for the clouds.<\/p>\n<p style=\"text-align: justify;\">\u201cOne positive of being up higher, especially if you are downtown, you will have much less noise,\u201d he says. \u201cIf you are close to a highway, then it would make sense to go higher for a condo. If you are on a higher floor like a penthouse, there will also be more restrictions on access. If it\u2019s really high-end you might have your own elevator, but generally it\u2019s just a special fob that will let you off on that floor.\u201d<\/p>\n<p><a href=\"https:\/\/www.zoocasa.com\/blog\/should-you-pay-for-a-condo-on-a-higher-floor\/\" target=\"_blank\" rel=\"noopener\">Should You Pay More for A Condo on A Higher Floor?<\/a> by Daibhead O\u2019Ceallach\u00e1in | Zoocasa<\/p>\n","protected":false},"excerpt":{"rendered":"<p>A cursory glance at Toronto\u2019s skyline is enough to tell you that the city\u2019s condo boom shows no signs of slowing. And, while it\u2019s well established that real estate in &hellip; [<a href=\"https:\/\/www.roryc.ca\/blog\/2017\/11\/should-you-pay-more-for-a-condo-on-a-higher-floor\/\">read more<\/a>]<\/p>\n","protected":false},"author":3,"featured_media":0,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[13],"tags":[],"class_list":["post-7307","post","type-post","status-publish","format-standard","hentry","category-real-estate"],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v27.7 - https:\/\/yoast.com\/product\/yoast-seo-wordpress\/ -->\n<title>Should You Pay More for A Condo on A Higher Floor? &#8226; Rory C Real Estate | Oakwyn Realty<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/www.roryc.ca\/blog\/2017\/11\/should-you-pay-more-for-a-condo-on-a-higher-floor\/\" \/>\n<meta name=\"twitter:card\" content=\"summary_large_image\" \/>\n<meta name=\"twitter:title\" content=\"Should You Pay More for A Condo on A Higher Floor? &#8226; Rory C Real Estate | Oakwyn Realty\" \/>\n<meta name=\"twitter:description\" content=\"A cursory glance at Toronto\u2019s skyline is enough to tell you that the city\u2019s condo boom shows no signs of slowing. And, while it\u2019s well established that real estate in &hellip; [read more]\" \/>\n<meta name=\"twitter:creator\" content=\"@RoryClipsham\" \/>\n<meta name=\"twitter:site\" content=\"@RoryClipsham\" \/>\n<meta name=\"twitter:label1\" content=\"Written by\" \/>\n\t<meta name=\"twitter:data1\" content=\"Rory Clipsham\" \/>\n\t<meta name=\"twitter:label2\" content=\"Est. reading time\" \/>\n\t<meta name=\"twitter:data2\" content=\"3 minutes\" \/>\n<script type=\"application\/ld+json\" class=\"yoast-schema-graph\">{\"@context\":\"https:\\\/\\\/schema.org\",\"@graph\":[{\"@type\":\"Article\",\"@id\":\"https:\\\/\\\/www.roryc.ca\\\/blog\\\/2017\\\/11\\\/should-you-pay-more-for-a-condo-on-a-higher-floor\\\/#article\",\"isPartOf\":{\"@id\":\"https:\\\/\\\/www.roryc.ca\\\/blog\\\/2017\\\/11\\\/should-you-pay-more-for-a-condo-on-a-higher-floor\\\/\"},\"author\":{\"name\":\"Rory Clipsham\",\"@id\":\"https:\\\/\\\/www.roryc.ca\\\/blog\\\/#\\\/schema\\\/person\\\/0672b9777e67473b9bd9247df49499c7\"},\"headline\":\"Should You Pay More for A Condo on A Higher Floor?\",\"datePublished\":\"2017-11-07T19:11:10+00:00\",\"mainEntityOfPage\":{\"@id\":\"https:\\\/\\\/www.roryc.ca\\\/blog\\\/2017\\\/11\\\/should-you-pay-more-for-a-condo-on-a-higher-floor\\\/\"},\"wordCount\":619,\"commentCount\":0,\"publisher\":{\"@id\":\"https:\\\/\\\/www.roryc.ca\\\/blog\\\/#\\\/schema\\\/person\\\/0672b9777e67473b9bd9247df49499c7\"},\"articleSection\":[\"Real Estate\"],\"inLanguage\":\"en-CA\",\"potentialAction\":[{\"@type\":\"CommentAction\",\"name\":\"Comment\",\"target\":[\"https:\\\/\\\/www.roryc.ca\\\/blog\\\/2017\\\/11\\\/should-you-pay-more-for-a-condo-on-a-higher-floor\\\/#respond\"]}]},{\"@type\":\"WebPage\",\"@id\":\"https:\\\/\\\/www.roryc.ca\\\/blog\\\/2017\\\/11\\\/should-you-pay-more-for-a-condo-on-a-higher-floor\\\/\",\"url\":\"https:\\\/\\\/www.roryc.ca\\\/blog\\\/2017\\\/11\\\/should-you-pay-more-for-a-condo-on-a-higher-floor\\\/\",\"name\":\"Should You Pay More for A Condo on A Higher Floor? 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