Purchasing Canada Condos in a Buyers Market
Canada is one of the countries, where condo culture has dawned many years ago. The early Canada condos offered new kind of residential spaces in an ultra-urban set-up. And this tradition still continues. Despite a few ups and downs, Canada condos are still the most desired homes for the Canadian buyers. Hardly past the worst recession of the century and the perception about Canada condos market now has been improved dramatically over 2008. While in 2008, only 21% Canadians considered the prevailing market situation suitable for making a condo investment, in 2009, nearly 44% Canadians believe that current market conditions are ideal for making a condo purchase. With declining prices of the Canada condos, and attractive mortgage rates, it is surely a buyers market and more and more people are planning to make a purchase right now.
One of the interesting facts about the market is that it gets increasing number of joint-buyers. The home-buyers, who do not have the funds for making an individual purchase, are roping on to friends or relatives to make a joint purchase. It is not only the first time home buyers who are purchasing Canada condos jointly but the investors are also making joint purchases to grab the opportunities that currently exist in the present buyers market.
In Canada, condos are far less expensive than detached homes. Some 21% home buyers would buy condos for this reason. But the foremost reason that Canadians prefer a condo home over a traditional home relates to the low maintenance requirements of condos. Some 39% Canadians would prefer Canada condos over a detached home just because condos require less maintenance than detached homes. As for instance, in the Canadian city of Vancouver, where housing costs are highest, over 35% of the urban dwellers prefer condo homes over traditional homes.
While affordability and attractive mortgage rates that are driving more Canadians to the condos market, there are two other reasons behind the rising popularity of Canada condos. These relate to the amazing range of condo options and long list of amenities available onsite.
However, there are many other factors that are influencing the buyers decisions. Most of the Canadians for example would prefer the condominiums with lower fees over the ones with a fee over $400 per month. For over 90% Canadian condo buyers, energy efficiency of the buildings make big difference. Security and parking are two other factors that can influence the decision making process of the condo buyers.
According to a current survey, Toronto, Vancouver and Calgary are the three top destinations for buying investment Canada condos. If you are planning to buy Canada condos for your primary residence, then the cities like Montreal and Halifax can be your first choice.
