Top 8 Reasons NOW is the time to buy a Condo
In many ways home ownership has never been both easier (because of record low interest rates) and more difficult (because of housing costs). In many places across Canada it can be less expensive to rent than to own due to exorbitant housing prices. In large urban markets like Toronto the average price for a detached home is just over $1 million.
Thankfully in regions like the Pembina Valley this is not the case, however detached home prices can still be quite high averaging well over $250,000 for a small home that could be 20 to 30 years old.
On the flipside a new 2-bedroom condo like those Hive has been building at The Lexington on 9th in Morden are selling for between $154,000 to $189,900. So, let’s talk about some of the reasons now is the best time to buy a condo.
Price: We alluded to this above. Condos are generally less expensive than a detached house or duplex/townhouse. “Doesn’t this mean the condo is just cheaply built?” Not at all. Less expensive does not mean poorly built. The primary factor that drives the cost of a condo down is economics. There are more condos on a set piece of land in comparison to a house – this means cost of land per condo is lower than for a house, and those savings are immediately realized by the consumer in a lower purchase price. Low Maintenance/Worry Free: Owning a condo means coming home from work and focusing on you and your family. It means not having to shovel the driveway. It means not having to mow the lawn, fix your roof, salt the ice, etc. It means not having to worry about replacing your roof or your windows. This is because condo corporations (an owner managed group) take care of these things This is incredibly helpful if you have age or health related reasons as to why you cannot manage these tasks (or maybe you simply want to spend your time on better things!). Security: Condo life means neighbours who share responsibility for the safety of your home and property. If you buy a condo at The Lexington, it also means a secure, locked entrance with an intercom/buzz in feature. Increasing Investment Value: Did you know that condos are now appreciating in value at a greater rate than single family homes? It’s true. Market demographics in Canada and Manitoba are driving the appreciation of condos at a greater rate than homes. According to the Royal LePage Market Survey Forecast, home values in Winnipeg will remain stagnant in 2020 while condos will appreciate by 1.25 percent. This translates to real equity value to condo owners…equity that translates to capital when and if owners choose to sell in the future. Even More Investment Value: Condos, especially lower level units, are great investments for people looking to buy rental property. They are easy to rent and, as an owner, you have the benefit of not having to worry about maintenance concerns that a rental house may have. Location, Location, Location: Condos are often built near the core of communities, close to other amenities. The Lexington on 9th is only one block from Morden’s downtown and all that it offers. This means you can walk to shops and banking services, saving money on gas and increasing your fitness. New houses are often built on the fringes of communities in suburbs where driving is often the only option. Good for you, good for the environment! Greater Sense of Community: Condos mean you can choose to connect with neighbours easily if that’s important to you. It means living in a community of shared responsibility making it easier to take care of and watch out for one another. The nice thing about The Lexington on 9th is that when you are done hanging out with your neighbours, six layers of soundproofing between units protects your privacy. Lower Cost of Living: Costs for things like utilities (heating, etc), and insurance can be lower in a condo. This is because your condo fees include things like building insurance, water and maintenance costs. Condos are more efficient than a detached home due to the construction style (shared walls). As a new building, The Lexington on 9th is constructed with today’s energy efficient standards (for example, all LED lighting).
Condos have a lot going for them. They are secure, affordable, centrally located homes that are efficient and appreciate in value. You get everything you want in a home without worries about maintenance, security and being over mortgaged.
Now is the time for condo ownership. Consider checking out Hive Development Group’s The Lexington on 9th – Morden’s newest luxury condos. Visit www.lexingtonon9th.com or text/call Pete at 204-823-0598 to schedule a showing.