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
With 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
If 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.…
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.
The 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.