Posted on

The Top Four Advantages of Owning a Condo in Canada

There are many advantages of owning a condo in Canada. Perhaps the biggest advantage is owning your own home, which gives you a sense of security and stability. Additionally, condos are often more affordable than traditional homes, and they come with many amenities that make life easier. We will discuss the top four advantages of owning a condo in Canada, and you can find the listing price for Lakeshore condos by clicking this link.

You Get a Fair Price

tableWith the current market in Canada, you may be able to get a condo for less than $500K. This is especially true if you purchase it from someone who has owned it for several years and wants to sell it at a lower price. Condos can also be found in high-demand areas such as Toronto or Vancouver, where the cost of condos is higher than in other cities. Whether you are looking to buy a condo because it is more affordable than other options or wants the convenience of living in a large city, condos can be an excellent way to own your own home.

Owning Your Own Home Is Secure and Stable

The biggest advantage of owning your own home is that it gives you security and stability. This is especially true in a down market when you may be able to get a mortgage for less than the condo’s asking price. Owning your own home means that you are not at the mercy of a landlord, and you can paint, renovate, and decorate it any way you like. You also don’t have to worry about moving somewhere else if your lease runs out or you get transferred to another city.

You Get the Benefits of a Homeowner’s Association (HOA)

Another big advantage of owning a condo is that you are part of an HOA, which offers many benefits and amenities. Some HOAs include golf courses, tennis courts, swimming pools, gyms, and other amenities in the monthly fee. In addition to these perks, you also have access to maintenance staff who will care for your lawn and landscaping for a small additional fee.


You Can Make Money on Your Condo

sofaIf you choose to sell your condo later down the road, there is a good chance that it will be worth more than what you paid for it. This is especially true in high-demand areas where condos are selling at very high prices, and there isn’t a lot of inventory available. If you choose to rent out your condo, this can also be a good investment since the monthly rental income will cover some or all of your mortgage payments and other expenses related to owning a condo.…

Posted on

Things to Consider When Buying a Condo or a House in Canada

Canadian real estates and land portions have now rapidly risen in value and prices compared to the rise witnessed in some years before. According to Canadian Real Estate Association, the new numbers indicated in relation to the Multiple Listing Service show a steep rising graph compared to previous years where the rise was gentle and slightly deflating as years went by.

This rise has got people wondering if it’s a good idea to buy either a house or a condo. Everyone has his/her own capabilities, desires, and financial standards and not everyone is expected to think the same. But all of these factors considered, below are some few but important things to consider before going to shop for a house.

Differing prices for the local markets

According to Canadian Real Estate Association, prices according to different local markets differ a lot. Prices of houses in Calgary vary with a highera white house percentage of nearly 10% year-over-year compared to most of the other areas in Toronto which vary with a percentage of 8%. Other areas like Vancouver have a 6% varying percentage. This is an essential factor to consider so that one can weigh on the price in relation to the place desired to settle.

Places that are expensive are so because houses are in demand, the area is more modernized and developing, and there is a very minimal expansion space.

Market instability

Most people who bought houses a long time enjoy the value increases of the land they occupy. Land is one of the most common assets that enjoy longevity and a considerable rise in value. This makes land a vital asset.

Although sometimes the value of land might fall because of different reasons and so affecting the prices of the houses built. Most people have evoked a mentality that land and houses enjoy value appreciation and ignore the fact that it is prone to depreciation.

a lakeside houseThe 2008 house price-crash in the US is one perfect example where houses depreciated leaving millions of house owners having their houses less worth as they initially had paid for them. This same case was witnessed in Toronto between the years 1990 and 1996. Chances are also that if the economy slows down markets might fall again.

The duration of stay.

Potential buyers should keep in mind the duration they desire to stay on a newly bought house. This is because those who opt to stay for long never face a risk of being forced to sell the house when prices depreciate.…