A Look At The Future Of Condo Real Estate | Tobasoft

Pick any city in Canada and take a look at the cityscape. You are most likely to see a large quantity of cranes working on building new condo towers. They?re so active that over the last five years, the amount of brand new condos has jumped five times. Is there genuinely a demand for all these units which are starting to be offered every year? It seems that the appeal of condominiums is not only increasing among first-time buyers but also with much more mature buyers and seniors.?

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The days are gone that condominiums were an entry level for the real estate market, they now represent one in four Toronto houses for sale. The condominium life-style with its straightforward access to entertainment, dining establishments as well as shops is appealing to a sizable number of buyers. Throughout the last decade, first-time purchasers have pushed the housing market place in Canada. However nowadays, it?s the 45-54 age group that is purchasing approximately a third of all homes offered on the market.?

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Condominiums are becoming a preferred choice of those above the age of 45. So much so that approximately seventy percent of purchasers above 55 are picking condo properties over typical properties. Empty nesters are now the bigger buyers of condo apartments in Canada. Several of those empty nesters are picking condominiums because of the freedom, lack of maintenance and the life-style they provide these individuals.?

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If we consider for example Toronto, there are already more than 30,000 units being built throughout the last two years. For a few, it?s hard to picture who can get all these condominiums. Even so, the Canadian Mortgage and Housing Corporation (CMHC) just isn?t worried about an overstock. Well before a new project can start building, a the vast majority of the condos need to be sold. It?s a traditional requirement of lending institutions that fund these types of projects. A sizable quantity of the condo properties are being purchased by Middle Eastern as well as Asian buyers. Because they are investments, many of them are purchasing their condo for hard cash.?

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Inexpensive entry-level apartments are no longer the primary focus in the condo builders. The interest in luxurious condominiums is increasing dramatically. In Toronto, the quantity of condos priced at much more than $1 million has exploded by 49% every single year. Whereas in Ottawa, luxurious condos costing a lot more than $750,000 have increased in excess of 70% from this past year. This is representative in the altering preference of well-off customers. A growing quantity of these individuals are reselling their large property and moving into a luxury condominium within the heart of the urban centre.?

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The need for condo properties even in the Windsor Ontario real estate marketplace is predicted to keeping climbing as even more Canadians are choosing to? stay property owners until at least 75. Customers of every age group are selecting the condominium life-style therefore you may expect to see building cranes in the cityscape of numerous cities for many years.

Source: http://www.tobasoft.com/2012/03/a-look-at-the-future-of-condo-real-estate/

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