The rise in condominium developments is a sign of its popularity. The luxurious lifestyle and affordability are the major reasons for its popularity because they made it easy for the people to start their journey as a homeowner. Investing in property can be a scary proposition because there are many considerations and even a little mistake can destroy your investment. So making the right decision can really make a big difference to your investments.
Similarly, condo living is significantly growing in Canada as more and more people are preferring shared living with a plenty of perks over buying a single home with lots of responsibilities. Millennials and retired people are investing in condo developments. Apart from this, the favorable housing market and Canadian policies for foreign investors also attract hundreds of foreigners or non-resident every year. Thinking of buying a condo unit? Here is a complete about major considerations and what you need to know condo buying in Canada.
Buying New Condos Vs Resale
In the beginning, a buyer has two options that whether he wants to buy a brand new condo unit or whether buying a resale would be a good option. Both of these have their pros and cons. Buying new condo unit means customization, more options and opportunities while on the other hand, it can be risky as well. Buying resale means you’ll get what you see but might be fewer options available. You can find a range of condo developments in Canada in different cities such Saskatoon condos, Regina condos so make a wise a decision keeping in mind your preferences and budget.
Condominium Prices Differ From Area To Area
Pricing of the condos is a big concern for many people. First of all figure out your budget and then stick to it. Whether you’re Canadian or non-resident you must know that condo prices vary from city to city. Condo developments in big cities such Toronto and Vancouver are expensive. But you’ll many options because other cities in Canada have luxury condo developments offering a high living standard. Consider looking into world-class Regina condos and other condo communities in Saskatchewan that are affordable and provide a luxurious lifestyle to its residents.
Budget For Monthly Expenses
Remember condos come with association fees and charges. Every condo community has an association that is responsible for the repair and maintenance of the building and also addresses the issues or conflicts arise among the tenants and residents. So they the condo buyers have to pay the condo fees, reserve fund, unit repairs and insurance. It is necessary to figure out the budget for monthly expenses including association fees to make sure you can afford it.
New Mortgage Rules In Canada
Canadian fiscal policymakers and government departments have introduced some new mortgage rules for the buyers (with uninsured mortgage). The buyers have to qualify for the stress test proving their commitments that they can afford the condo or house even with increasing interest rate. It could create new shifts in the Canadian real estate. The value of resale condos could increase because of reducing purchasing power. So it is recommended to consult an advisor or real estate agent to get further details about new mortgage rules.