Amenities for new condos in Toronto are getting better all the time. In the highly competitive market, developers are finding new and unique ways of standing out from the crowd. With condo suites getting smaller and more efficient all the time, elaborate amenities are becoming an important piece of the puzzle for those looking to live downtown.
Most of the “sexy” amenities involve a rooftop or an amazing pool, but there are other amazing amenities too. For the purpose of this list, we’ve split them up into “Awesome Rooftops & Pools” and “Other Amenities”. Enjoy!
Rooftops & Pools
1. E Condos
Location: Yonge & Eglinton
Developer: Bazis International
What’s the Amenity: An Infinity Pool that “juts out” in a red glass box from the 31st floor of a 64-storey tower with endless views of Toronto.
Why We Love It: It’s unique. The design of the building is centred around the “red box” that houses the amenities. Step down into the pool with the glass edge that looks south over Toronto.
When Can We Use It?: Construction is under way with an expected 2018 completion.
2. YC Condos
Location: Downtown Core – Yonge & College
Developer: Canderel Residential (Browse Condos by Canderel)
What’s the Amenity: Aqua 66, an indoor rooftop pool and lounge
Why We Love It: Aqua 66 is one of the highest infinity pools in the western hemisphere and is positioned on the 66th floor. Inspired by some of the best pools around the world, including Marina Bay Sands in Singapore (where the cover charge is $100!) and the Ritz Carlton in Shangai Pudong.
When Can We Use It?: YC Condos recently broke ground and is expected to be completed in 2018.
Location: Downtown Core – Yorkville (Browse Condos in Yorkville)
Developer: Bazis International
What’s the Amenity: A multi-level indoor/outdoor rooftop lounge that sits on top of the 58-storey 1 Yorkville Condominiums.
Why We Love It: Located in Yorkville, just a hop, skip and a jump from Mink Mile Shopping along Bloor Street. The outdoor space would feature some of the most incredible views of Toronto in all directions and the rooftop also feats party rooms, multi-media lounge, fire pits and an outdoor theatre. Why would you ever want to leave?
When Can We Use It?: 1 Yorkville has an expected completion of 2018.
4. Grid Condos
For anyone who is considering buying a home, it’s important to educate yourself on both your local real estate market as well as how large of a mortgage loan you can afford to take on. In this blog series, we look at the average home price in your city or province and walk you through the mortgage payment calculations with our provincial mortgage calculator. For this post, we are going to calculate the mortgage payments for an average home in British Columbia.
According to the Canadian Real Estate Association (CREA), the average home price in British Columbia is $528,507. This figure has decreased by 0.8% in the last year, but continues the trend of poor housing affordability in the province. But what does owning a home at this price look like in terms of a monthly mortgage payment? Let’s find an example and run the numbers through our British Columbia mortgage calculator.
A two-bedroom located in the Gordon Head area of Victoria, British Columbia is priced at $525,000. Using this home as an example, we will compare the monthly mortgage payments that would result from both a 5% and a 20% down payment. Note that both calculations use a 5-year fixed mortgage rate of 2.74% and an amortization period of 25 years.
With a 5% down payment:
A 5% down payment on a $525,000 home is $26,250. Because the down payment is less than 20%, you would also need to pay for British Columbia CMHC insurance (mortgage default insurance). In this example, the British Columbia CMHC insurance is $13,716 and is included in the total mortgage of $512,466. Assuming a 5-year fixed mortgage rate of 2.74%, your monthly mortgage payment would be $2,357.
With a 20% down payment:
A 20% down payment on a $525,000 home is $105,000. And because you made a down payment of 20% or more, you would not need to pay for British Columbia CMHC insurance, so your total mortgage would be the purchase price minus your down payment ($525,000 – $105,000 = $420,000). Assuming you took on a 5-year fixed mortgage rate at 2.74%, your monthly mortgage payment would be $1,932.
Beyond your mortgage, there are a number of other closing costs to consider, such as the British Columbia land transfer tax (LTT). For this example, your LTT would be $8,500. If a first-time homebuyer purchased a home for $425,000 or less, they could be eligible for an LTT rebate. Unfortunately, the average home price in British Columbia goes above and beyond that home price limit. Please note that LTT is an additional closing cost that you would need to save up and pay for on closing day.
Our calculator tells you what your mortgage payments would be monthly, but you can choose from other payment options as well. Most lenders give you the ability to choose monthly, bi-weekly or accelerated bi-weekly payments, and others may even let you make weekly payments. You can learn more about different mortgage payment options here.
Location: Jarvis & Dundas
Developer: CentreCourt Developments (Browse Condos by CentreCourt)
What’s the Amenity: Student group and individual study areas, multi-media centres, 24-hour access.
Why We Love It: The amenities at Grid Condos are an example of a developer really understanding the demographic of the building. The tower is located at the tip of Ryerson University, a university with a major housing shortage. The developer spent a lot of time studying (pun intended) how and where students work, highlighting the “decrepit” library as one of the major spaces for Ryerson students. The developers have worked hard to make the amenity space really speak to the most likely demographic of the building.
When Can We Use It?: Grid Condos will be on sale this Spring, it will likely be completed in 2018/2019.
Location: Downtown Core – Yonge & Wellesley
Developer: Lanterra Developments (Browse Condos by Lanterra)
What’s the Amenity: An incredible 1.6-acre park at the base of the building, fully landscaped with pathways, gardens and trees.
Why We Love It: A developer built park is not exactly the kind of amenity that we typically see, and that’s why we love it. The project was originally planned to include 2 towers, but instead the developer is “giving back” 1.6 acres to the City by developing a park for the residents and Toronto to enjoy. With cafe’s and restaurants lining the base of the building, the park is an amazing extension of the building to stretch out your legs.
When Can We Use It?: Wellesley on the Park has an expected completion date of 2018.
6. Aura Condos
Location: Yonge & Gerrard
Developer: Canderel Residential
What’s the Amenity: One of the best gyms in Toronto. Most gym’s in Toronto have a couple of running machines and some free weights, but Aura has taken the gym to another level with a Hard Candy Gym by Madonna free to access for the residents.
Why We Love It: Hard Candy ain’t your everyday condo gym. The facility occupies 42,000 sq.ft. and is one of the best gyms in Toronto. Hard Candy offers personal fitness classes developed by Madonna in preparation for her stage performances.
When Can We Use It?: Now. Hard Candy Fitness is open for residents at Aura. If you don’t live at Aura, you can still purchase a membership!