Buying into a mature condo building in Toronto might not have the same flash as something pre-construction—but for the right buyer, it could be the smartest move you make. Older condos often come with more square footage, solid construction, and a deeper community feel. But they also carry risks that demand a little extra due diligence.
Let’s break down the key advantages, potential pitfalls, and how to tell when an older condo is worth it.
The Upside: Why Older Buildings Still Win in Toronto
1. Spacious Layouts
New condos average under 600 sqft for a one-bedroom. Compare that to older units built pre-2000—where 700–900 sqft is the norm. Think defined dining areas, actual coat closets, and functional kitchens. For families, remote workers, or anyone planning to stay long-term, this extra elbow room can dramatically improve your quality of life.
2. Character Features
Some older buildings offer features nearly extinct in new builds: gas BBQ hookups, larger balconies, wood-burning fireplaces (in rare cases), and even two-storey layouts. Buildings like DNA1 on Shaw or the Summit near King West are great examples. These elements can boost resale value for buyers looking for something more unique than a “glass box in the sky.”
3. Established Communities
Older buildings tend to have more owner-occupants and less investor churn. The result? A stronger sense of community and generally better upkeep. You might find active resident committees, building-wide events, and long-time neighbours who care deeply about the property’s future. These soft factors play a major role in your day-to-day satisfaction.
4. Stronger Reserve Funds
Well-managed buildings with decades of budgeting behind them often have healthy reserves, meaning fewer surprise costs. (Always verify this via the reserve fund study, of course.) Some older buildings even overfund their reserves in anticipation of future projects, which could mean smoother sailing for you down the line.
Check out our blog post, discussing: Toronto Condo Reserve Funds – Top 5 Red Flags Every Buyer Should Spot
The Downside: Not Without Its Risks
1. Higher Maintenance Fees
Older condos often have higher fees to cover aging systems. Expect fees in the range of $0.90–$1.40 per square foot. For a 900 sqft unit, that’s $810–$1,260/month. But—those fees may include heat, hydro, or cable (which newer buildings often bill separately). It’s crucial to compare what’s included rather than just looking at the total dollar amount.
2. Special Assessments
A solid reserve fund doesn’t mean you’re immune from a surprise. Elevators, boilers, or parking garages eventually wear out—and if the reserve isn’t enough, owners share the bill.
One buyer recently walked away from an offer after reading the status certificate: the building needed $1.5M in underground garage repairs and hadn’t yet voted on a special assessment.
Other red flags? Unusually quiet boards (no newsletters or AGMs), deferred maintenance (cracked tiles, broken elevators), or lawsuits between residents and the condo corporation. All are worth investigating.
3. Dated Design & Mechanicals
Think beige tile, narrow galley kitchens, and popcorn ceilings. Some buyers see this as a chance to add value; others, a costly headache. It’s all about your appetite for renovations. Replacing fan coil units, windows, or electrical panels can be complex in older buildings and may require board approval.
How to Do Your Homework: Due Diligence 101
Review the Status Certificate
This is your window into the building’s finances, reserve fund, legal issues, and upcoming projects. It also outlines rules (like pet restrictions, short-term rentals, and use of amenities) that can make or break your condo experience.
Read our blog post on: Understanding the Importance of Status Certificates
Examine the Reserve Fund Study
Are there upcoming major repairs? Is the fund sufficiently topped up? A good rule of thumb: reserve contributions should be 25–35% of maintenance fees. Ask for the most recent engineering audit and look at the 3-year repair forecast. Bonus tip: check when the last big-ticket item (roof, HVAC, windows) was done.
Compare What You Get
Some buildings include heat, hydro, or cable in their fees—while others don’t. Make sure you’re comparing apples to apples when evaluating costs. Ask whether the condo has bulk internet, security patrols, or shared amenities with neighbouring buildings. These extras can add major value—or extra costs.
Old vs. New: Condo Comparison Chart
| Feature | Older Condo | New Condo |
|---|---|---|
| Price/Sqft | Lower | Higher |
| Size/Layout | Larger, more defined | Compact, open-concept |
| Maintenance Fees | Higher, more inclusive | Lower initially |
| Reserve Fund | Established | Low (early years) |
| Potential Surprise Costs | Moderate–High | Moderate–Low |
| Aesthetic | Dated, reno potential | Sleek, modern |
| Community | Owner-occupied, stable | High rental turnover |
| Amenities | Modest, well-used | Glossy, less used |
| Construction Quality | Concrete, durable | Mixed (often drywall + glass) |
Final Thoughts: Is an Older Condo Right for You?
If you value space, location, and have the budget (and patience) to potentially modernize, older condos can be great value—especially in a cooling 2025 market. But don’t skip the homework. Ask tough questions, read the docs, and work with a realtor who’s walked this road before (that’s us!)
Older condos aren’t for everyone—but for buyers who know what to look for, they can offer unmatched livability and long-term value. It’s not about the age—it’s about the bones, the budget, and the building’s future.
Still have questions, leave us a message below or Let’s connect and talk strategy.
