After all the sizzling activity with Southern Ontario real estate early in 2017, it should come as welcome news to potential buyers that the region’s market – and especially the condo market – seems ready for more balanced growth
This is due, in part, to Ontario Premier Kathleen Wynne’s initiation of new legislations aimed at cooling the red-hot market. But that doesn’t mean that the condo sector won’t continue to pick up steam.
Consumers, perhaps a bit more wary of the detached home market, where the cost often hovers between $1-million and $2-million, often turn their attention to condos, with their substantially lower price tags.
With continuing low interest rates and a strong economy, the fundamentals continue to be a steady driver. Not only that, but the range of choices in the condo sector is growing, which helps to bring that kind of lifestyle into consideration for young families.
There are, of course, massive high-rise developments going up, but there are smaller buildings, as well, and they come in all shapes and sizes. So, big or small, there will be something we should be able to show you to meet your particular needs.
So one size definitely does not fit all. Choosing a style that is best for you is crucial. And it’s important to understand the differences between types so you pick one that best suits your lifestyle and budget.
We can help you do that. At a very basic level, when you buy a condo, you get full ownership of the unit, plus shared ownership of the common property at the development. Additionally, generally the condo corporation is responsible for common areas, while you have to look after unit maintenance, repairs and improvements.
Ask us about options and we will gladly explain the nuances in detail. Just for starters, here are various alternatives to mull over: High-rise, low-rise, lofts, townhouses or detached.
Take requirements for seniors or retired people, for example. We recommend purchasing in a condo building that is concrete construction rather than in a low rise (four stories or less), which is usually wood construction. I personally find that wood construction buildings are noisier and tend to have younger people … and more rentals. That’s why we recommend you pick a building that suits your lifestyle.
Another point worth mentioning: Savvy investors will likely be looking at older condos because they typically are more expansive, therefore offering more space. But just about everyone will see condos as an option that provides all the amenities – whether it’s gyms or pools or outdoor space. This has longstanding appeal, for sure.
But maybe the best reason to go the condo route the rest of the way in 2017 – it’s proven time and time again that condo prices have gone up five per cent year over year, particularly in the Oakville/Burlington market.