According to a report
in the Financial Post, more and more first-time home buyers in Canada are
choosing condominiums because of their affordability. Experts say that with this
change in buyers’ tendency, the condominiums market is all set to grow rapidly in
the near future.
One of the main reasons for a swift increase in the levels
of home ownership in Canada is the development of condos. According to reputed mortgage brokers, the
main reason for condominiums gaining popularity in urban areas as well as
smaller suburbs, is that their prices are reasonable for a first time real
estate buyer.
Especially for single people who are looking for easy and
low priced investments, a one-bedroom condo is a convenient option to start
with. Although the number of high-rise condo units being built in Toronto is
more than the condos in any other Northern American city, the demand for them
is also on the rise, which is good news for the real estate industry.
Owing to their affordability and the government’ policy supporting
mortgage insurance, youngsters are finding it easier and cheaper to purchase a condominium
with just Although the condominium market is volatile, owning a condo
that acts as your primary residence also helps you gain capital appreciation.
But make sure that you consider the period you want to own it for and the costs
involved before you jump in to purchase one.
