Condo ownership has picked up speed in urban centres across Canada. According to the 2016 census, nearly 1.9 million condominiums were occupied by Canadians. And in the time between 2016 and today, you can bet that number has increased for a number of reasons. Affordability plays a big role, but that’s not the only reason for condos’ soaring popularity.
Due to their very nature, condos have typically been a downtown mainstay. Their smaller size has always been worth the trade-off when it comes to convenience and the amenities steps from home. And thanks to urban sprawl and un-affordability, condos can be seen rising in suburban areas as well, close to transit hubs, shopping and services that make them a great alternative to traditional single-family homes.
Lock & Leave Lifestyle
Does the term “turn-key” resonate with you? This is a big draw to condo ownership across all ages and stages in life.
First, there’s the maintenance factor to consider. How do you feel about shovelling the driveway and sidewalk in the winter? Or mowing the lawn and maintaining gardens through the warmer seasons? There’s no question that some people truly enjoy all the upkeep that comes with home ownership. But for those who do not have the time, ability or inclination for regular maintenance, a condo could be your dream home come true.
Part of condo ownership is paying a monthly condo fee – a portion of which goes to the above-mentioned services. This makes condos ideal for busy professionals, jet-setters and those who refuse to lug garbage bags out to the curb.
According to the latest figures reported by the Toronto Real Estate Board, the average price of a condo in Toronto was $615,582. The price has increased almost 12 per cent year-over-year, but it’s still a far cry from your average detached house, at $1,342,363 (Source: Market Watch, September 2018).
Investors have always sought out small condos in urban centres as great money-makers. Particularly if you plan to hold the property over the long-term, you can rent it to a tenant and use the rental income to pay off the mortgage. Once you have that monkey off your back, you can reap the rewards of owning a really cool downtown crash pad, sell it and pocket the profits, or continue renting to tenants – and earn! Here are some signs of a great investment opportunity:
Low vacancy rates
Steady population growth
Lots of employment opportunities
Higher average income
New infrastructure developments
Public transit projects
We mentioned the condo fee – a portion of which covers your use of (and maintenance of) the building amenities. The best part? You won’t have to leave the comfort of home to enjoy them. With condos gaining popularity, many developers are including five-star level services to make your home-
sweet-home all the sweeter. Think concierge service and a-la-carte options like home cleaning and laundry (at a cost, of course); spa, salon and massage; a fully equipped gym with fitness classes; pool, hot tub and sauna; games room, party room, board room, library, film-screening theatre, even a guest suite available for overnight visitors. The list is long and luxurious.
Depending on the age and amenities offered in your condo building, your fees will vary. But just think about what a rooftop pool, a home theatre and butler service would cost you in a your detached home!
Thinking of purchasing a condo? Give us a call!