06.24.2022 | Toronto Lofts

Ew, David! 5 Toronto Loft Turnoffs You May not Have Considered

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For a lot of people, the idea of a trendy converted Toronto loft high above the city is the epitome of metropolitan living. A loft has a certain je ne sais quoi. All at the same time, it’s gritty, glamorous, luxurious, and often elicits images of an ultra-cool city dweller in a designer leather jacket who knows the absolute BEST place to get the perfect dirty martini. 

There’s no doubt that the Toronto loft lifestyle appeals to a lot of people. But like sushi and French art films, lofts are not for everyone. Don’t get me wrong, I show a lot of lofts for sale in Toronto. They are perennially popular and a lot of people ask for them, but not everyone buys one.

Today we’re looking at the top 5 reasons you might not want to buy a loft in Toronto. 

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1. Lofts are SUPER Expensive 

As with anything exclusive, a Toronto loft comes with a price tag to match. Simply put, there are fewer lofts in the city, they’re always popular, and they often come with high-end luxury features that are always in demand. 

Exposed brick, post and beam ceiling, high ceilings, factory windows, and exposed concrete; all of these things absolutely up the cool factor that make Toronto lofts unique. And these features always come at a premium.

If you’re thinking about buying a Toronto loft, consider the cost vs. what you actually get. An average condo in the city might be a better choice when you consider the cost of going the traditional route is typically much less

We’ve got a passion for lofts here at Homeplicity. Read our loft lingo blog and get all the tea on everything you need to know about lofts in Toronto here

2. Location, Location, Location 

If you’re the type of person who wants to roll out of bed, head downstairs and have at least 5 gourmet coffee shops within a 2-second radius of your building, a loft in Toronto might not be for you. 

Although lofts seem to portray the ultimate urban chic vibe, most of them are actually located in the outskirts of the city. The reason? The most sought-after Toronto lofts are converted warehouses and factories. Traditionally, these buildings were not located in the urban centre. 

So if you want to live in a stunning loft in the sky, you might have to compromise on the location and look further west or east. That being said, the city is slowly expanding outwards, so it could be expected that eventually, you might see amazing amenities enter your desired neighbourhoods.

Another consideration is the actual lack of loft inventory. There are far fewer lofts in the city than new condos, so you might need to be patient about getting a loft in a building you want. It all depends on your specific timeline. 

Speaking of neighbourhoods, check out our guide to everything you need to know about living in Fort York here.

3. Do You Like to Take Risks?

Another thing you may need to consider is the liability. Think about it this way: a traditional condo building often has anywhere from 200-400 units. Each one of these units contributes to condo fees that go towards paying for the maintenance and repairs of the buildings. A loft building of a similar size will likely have far fewer units, and therefore far fewer people to help cover the cost of repairs and maintenance.

The result is often higher condo fees in loft buildings.

Also, don’t forget that converted lofts are old, sometimes over 100 years! An older building requires more work, extensive maintenance, and higher fees. In addition to your regular condo fees, you might even need to pay for a “Special Assessment” which is when a specific repair cost is split amongst the unit owners in the building.

When it’s not a brand-new building, perfectly built to safety specs and modern building codes, you’re taking a little bit of a risk that could either pay off or could result in higher costs. Once again, the exclusive, boutique loft vibe is a big pro, but the potential cost could be a major downside for you, 


Looking for more Toronto real estate resources? Read some of my recent blogs here: 


4. Form Over Function

When you’re living in the city, single and ready to mingle, the idea of a sleeping loft with 18-foot ceilings overlooking the living space might sound like a dream. But if you have a partner or children who are on a different sleeping schedule than you, it could quickly turn into a nightmare. 

While lofts are breathtaking and aspirational, the reality of them is that they are not super functional for everyone. Someone who works from home, wants a nursery, or the ability to host guests for extended stays might not want to live in a home with quite THAT much open space. 

This is probably the toughest decision to make, and you won’t really know if it will impact you until you see it for yourself. 

The loft market in Toronto is still pretty competitive. Read our post about what to do in a multiple offer situation here. 

5. Amenities Can be Lacking

One of the main benefits of living in a “vertical neighbourhood” (AKA condo building) is what I like to call the tradeoff. Basically, you have a smaller living space, but in return, you get shorter commutes and a lifestyle where you can take advantage of amazing building amenities. Not many people can say they have a theatre room, rooftop terrace, or state-of-the-art gym in their home. 

Lofts, and especially converted lofts, are often devoid of any bells and whistles like this. Since there are fewer units in the building, developers spend more time building more units into the space rather than focusing on amenities. Additionally, some of these buildings can’t even support specific amenities simply because of the building type. 

Additionally, since the maintenance fees in a loft are already quite high, many developers opt to keep condo fees lower by eliminating some of the most high-cost building amenities. (Spoiler alert, your concierge and pool are some of the highest-cost amenities in a condo building!) 

Consider how a lack of amenities will affect your life. If there’s no concierge, there won’t be someone there to receive packages or welcome your guests. No gym in the building might also mean you have to budget for a gym membership somewhere else. 

But I Do Love Lofts

You might be reading this and thinking, “OMG, why does Stephanie hate lofts so much?!” But that’s not the case at all. I actually love them, and I get so excited when clients are open to the idea of exploring loft options. 

But the truth is that you really need the right person to thrive in a Toronto loft. The cost, location, risk, function, and amenities are not for everyone. And that’s ok. 

At Homeplicity Realty Group, we know you are a unique person with unique needs. Our services are fully catered to you. If you want to learn more about why I love Toronto lofts you can call or text me at 647-973-8392 or join our monthly newsletter right here.

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