CONDO
There is no doubt that the real estate market in Canada is booming. This is the main reason why more condominium towers are being built in different cities such as Toronto.
REAL ESTATE
Many factors affect the real estate market in Canada and other parts part of the globe. This is something that affects both the buyers and sellers.
AGENTS
Anyone planning to sell or buy property is advised to work with a reputable real estate agent. This is the professional who will guide you through the entire process
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Reasons on Getting a Condo

Condo

Nowadays people in the real industry market are looking for condos, compared to buying a house or renting an apartment for them to stay. But with condo prices that can cost you the same as buying a home, should you get a condo? Here we have listed several reasons on why you should get a condo, instead of buying a house or renting an apartment, make sure to read this article to find out more about getting a condominium.

No more annoying household chores

bucket
If you’re a person, who hates mowing the lawn, re-painting the house, pulling weeds or even sweeping the dead leaves, then getting a condo is perfect for you. Condos are also made for those who want a simple and minimalistic lifestyle, as they are too practical for people who are to busy to take care of the house.

Amenities that you can use

Another benefit of getting a condo is that you’re getting more than just a place to stay, you’re getting the facilities that they’re offering, such as gaining access to a gym, pool and more. The best part of these amenities is that you don’t have to maintain them, as they already have someone else to take care of it.

Tip: if you own more than one vehicle, the condo can provide you a parking space with more fees to pay, so make sure you take note of this.

Condo is an investment

Some people might think that buying a condo is a hassle, as you only get a condo, but it’s the perfect investment. Renting an apartment is nothing but you helping your landlord buying another piece of property while getting a condo is ideal for those who don’t want to take care of a home like a house, while also still getting the facilities that an apartment can provide.

There’s a community in a condo

people
Know one thing that when you buy a condo, that means you’re buying community, and in a community means a new group of friends. By meeting new people there’s a lot of new experience, and who knows if you can meet a new business client, partners or maybe your spouse? No one knows.

Here we have listed some reasons on why you should get a condo, although a condo is not for everyone, we hope that by reading this article you can take it into consideration before buying a new place for you to stay.

 

condo sales

What you Should Know about Buying a Condo

Condo

When you want to purchase a house, there are several options available for you. For instance, you can decide to buy a condo. This is a large property complex, which is sold in individual units. This presents rare challenges to the owners. In fact, a condo can be the perfect home for a single family. If you are planning to purchase a condo, this post can help you.

condoIn a condo, some parts are owned privately while others are common areas. You can think of a condominium as an apartment you own. They take a form of townhouses or apartment, but they can physically look like any other house. These types of houses are quite popular where property values are high. Thus, you can see them in urban settings and vacation hotspots where you are likely to find them on the market. In fact, they open home ownership to a new group of people. Thus, if you want to own a home at an affordable cost, then you should consider purchasing a condo.

Looking for right condo

The process of shopping for a condo is the same as looking for a family home. The process can be quite easy for you if you have an idea of what you want. Start by contacting a real estate agent to find out properties that you are not aware of or those you cannot find them on your own. If you have a particular complex or building in mind, most of them have on-site sales offices that can assist you. Moreover, you will get an opportunity to view the condo.

Condo sales contract

condo sales contractWhen purchasing a condo, you should not just think about sales contract. Condos have a declaration or an agreement, which dictates the manner in which the building operates. Therefore, before you purchase a condo, you should read these documents. Check the way the management deals with complaints and requests. Does it impose strict guidelines and rules on owners? Before choosing a condo, check whether the restrictions and rules can allow you to enjoy your lifestyle.

Why choose a condo?

Several reasons will make a condo much better as compared to a single home or an apartment. You should note that condo prices appreciate at a lower rate as compared to single-family dwellings. This makes them quite affordable when prices are high on the market for other types of properties. Moreover, you can enjoy tax deductions.

new home

Factors Affecting the Price of Home in Canada

Real Estate

Many factors affect the real estate market in Canada and other parts part of the globe. This is something that affects both the buyers and sellers. The Canadian real estate market in Canada has been booming for the last few decades. This is what has attracted many investors in this sector. It has also contributed to the immense growth of the Canadian economy. Let’s have a look at the main factors affecting the real estate market.

The interests rates of the Federal Reserve

The American and Canadian central banks have different interest rates. However, the rate set by the Federal Reserve in the United States has a huge impact on the mortgage rates in Canada. Most of the mortgage lenders in Canada are known for taking their cue from New York’s global bond rates. Homebuyers are always looking for the low interest rates. If you charge them a lot of money, then they would opt to get the same amount of money in the safe bonds. The mortgage rates are expected to be a bit high in the coming years because the Federal Reserve has already increased the interest rates.mortgage

Foreign buyers

These buyers have a direct impact on the Canadian domestic market including the real estate market. There has been a slight decline in the number of foreign buyers, especially in Asia. This is something that is likely to affect the process of houses in the major cities in Canada. Many investors from China have invested in this country. A fall in the Chinese currency is also likely to affect the real estate market in Canada.

Canadian economy

A rise in the interest rates, as well as the weakening of the Canadian Economy, can put off people from buying properties. For instance, the Canadian Economy has slipped from the tenth place to twelfth in 2017. It is now lagging behind that of Indonesia and South Korea. However, it is projected to improve due to the resurgence in the gas and oil industry. A reduction in the number of the domestic buyers is more likely to put downward pressure on the Canadian real estate market.economy trend

Government regulation

The government has been putting certain measures to control the changes that take place in the real estate market. This is something that has been taking place at both the provincial and federal levels. Some of the investors have been blaming the government for the unaffordable prices of property.

condo

Factors Considered When Purchasing a Condo in Canada

Condo

There is no doubt that the real estate market in Canada is booming. This is the main reason why more condominium towers are being built in different cities such as Toronto. The price of houses is rising every year. Owning a condo is one of the worthy investments that you can make. This article is going to discuss some of the important things that you need to know before purchasing a condo.

Its location

Picking the right location is very important. Knowing the neighbourhoods of the city can help you in choosing a suitable location. The area where the condo is located will always have a direct impact on the cost. Lifestyle implications should also be considered. Get to know how far is the place is from the markets, stores and transit options. Does the area have schools?condos

Knowing the residents

Once you have considered the surrounding neighbourhood, it is imperative to know your immediate neighbours. Of course, condos are known for being appealing to the young buyers who are venturing into the real estate or housing market. There is a large market for these structures throughout the city. Apart from the sense of comfort and ease, the potential resale value of a property is also influenced by the resident demographics.

 

Condo fees

Apart from the occupancy fees, condo owners are also expected to pay the monthly fees associated with condo buildings as well as its service and maintenance. It is important to know how these charges are calculated or determined. Also, get to know the operating costs and services that have been included.

Some of the maintenance costs incurred include the upkeep of facilities such as party-rooms, cleaning, garden, swimming pools, and fitness as well as concierge services. Some of these costs might end up increasing the cost of the condo in the coming years. It is also important to inquire whether the utility will be included in the fees.

cost-fee

Insurance and repairs

In the modern days, people are getting concerned about the sustainability and quality of the condo towers which are mushrooming in the different cities in Canada. Some of them are mainly made of glass, and they have floor-to-ceiling windows. It is imperative to know whether the maintenance and repair of these units are supposed to be done by the condo corporation or by the buyer. Knowing about the standard insurance cover for the corporation is also important.

 

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