There are a lot of condos up for sale right now, and when we say a lot, we mean a lot! In Toronto alone there are over 18,000 condos for sale, not to mention all the ones you can find on the Oakville real estate market right now. This might sound like a bad thing right now… but it’s actually a great thing. Here we’re going to go over pre-build (custom) condos versus resale, how condos gain value over time and everything you need to know about condos.
Too Many Condos
Half the area realtors you talk to will say there are too many condos on the market, others are more optimistic. It really depends on how you look at things, just like everything else in life! While there are many condos on the market, builders are continuing to build more and more; over 7,000 units started construction between the beginning of May and the end of July. This is the most built in a quarter all year long and there are about 13,000 condos scheduled to be built by the end of the year.
With more condos being built, that means more condos are coming on the resale market. If you want to invest in Oakville real estate like condos but don’t want to wait to have it built, resales are a great buy. New condo sales are down for two reasons: there are too many of them on the market and they’re actually smaller compared with resales (+150 feet). If you want to be able to get the ultimate in customization, a pre-build condo may be the right choice for you though. It all boils down to what you need out of your home.
Why Are Condos a Good Investment?
Condos are a great investment as far as Oakville real estate goes because the prices are great and the quality is too! You’ll be able to get a home in a great area that goes for less than a house; condos accrue interest in a slower rate than a typical house. You’ll spend much less in maintenance and security for your home, and the only insurance you’ll have to worry about is renters insurance to protect the contents of your home and any liability you may need to cover. You will have to deal with HOA fees and the like, but it can be a much more carefree way of living on the whole.
Are Condos the Right Choice for You?
Everyone’s different, and without talking to you we can’t recommend them as the end all be all option for you! If you’d like to know how we can help you find your dream home, contact us today! The Goodale Miller team has the experience you need to buy and sell your Oakville real estate; why settle for a representative when you can have an expert?