Month: November 2017

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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