What Are LOFTS?

There are two kinds of lofts: HARD lofts and SOFT lofts.

HARD LOFTS are easily recognized as conversions from a former building, usually industrial, where the outer structure is utilized as part or all of the development and the interior is removed, save for support elements, to create an open concept space. Dead giveaways of a hard loft are original brick or wood beams seen from the interior, concrete floors or ceilings, exposed ductwork, high ceilings (10' or greater), and oversized windows. Most of these types of loft developments have been named after their former industrial use to create a connection with the history of the building.

Hard Lofts tend to sell for a higher value than any other type of condominium property, especially if they are of a heritage status. The downside to many smaller hard loft buildings is the lack of parking, due to the inability to excavate below the existing building for the purposes of parking. Maintenance fees also tend to creep up to higher levels due to the extra costs in maintaining the existing building, since it has already aged.

Keep in mind that, when buying a conversion loft from a builder, that there is no Tarion warranty available. Usually the builder will provide a 1 year warranty to address any defects in your unit, but after that, it will be the condominium board's sole responsibility to cover any costs related to the structure of the building. Hence the need for higher reserve funds (ofen captured through higher than average maintenance fees).

SOFT LOFTS are newly constructed lofts with no real historical value, as they are generally built from the ground up as a new building. They differ from condominiums in that they simulate the spaciousness and feel of hard lofts using modern day materials.

The advantage of a soft loft is that you generally have lower maintenance fees than hard lofts and the building is more likely to have underground parking. When buying new, the full Tarion warranty applies, as it is regarded to be the same as buying a regular condominium.