A Condo or a condominium is basically the form of ownership of the house and other type of real property, where the individual units of a bigger complex are not rented but sold. In simple terms it is an apartment that is owned by the resident.
These units can be renovated apartments, commercial warehouses or even townhouses. Any structure that is multi-unit can 'go condominium'- which means the residents must either buy their apartments or empty out the premises. Owners of condos own everything, right from their wall inbound. The individual owners have the rights to share the common areas like elevators, pools, club houses and hallways, where the maintenance is the responsibility of the condominium association. Each owner pays the monthly fees or dues for any kind of maintenance problems, owning some share of interest in the condominium association. Living in the condos is more advantageous financially than the apartment rentals, but requires active involvement in the community events.
Buying a home can be a very exciting experience for anyone. Though purchasing a home can be a tremendous investment, it may also be a challenging experience. You should not feel that you are settling for less while buying a condo, as most condos in Canada come with the best of amenities like a beautiful view, sizable terrace, located near a public transit, perhaps a gym or a swimming pool in the edifice. Depending upon what your personal needs are, you would find living in a condo more carefree and affordable in contrast to purchasing a home that is detached. Condos in Canada proffer very low interest rates of mortgage and are very affordable. Besides being maintained well by the management they are modern and offer other amenities and features.
The real estate housing market in Canada is a collection of many local markets, but what matters most is the neighborhood where you would want a condo. The price trends in these particular areas maybe very different from the rest of the national stats. The home buyers in Canada, who are thinking of purchasing a condo or dwell into the condo market are advised to not simply linger over the home price, but look further for the neighborhood and local stats, which would apply to them and their kind of situation, in their process of purchasing a home. Buyers should attempt to take their own surveys, which they could do by searching online in order to collect all the information for the condos for sale in your favorite neighborhood. The Internet is very valuable source to collect information for real estate, as nearly 80% of the Canadian population claim to make use of the Internet for transactions dealing with real estate investments.
The major cities in Canada which have a huge price increase in property are Toronto, Calgary and Vancouver, while other real estate and condo booms are not behind in cities like Red Deer, Ottawa, Montreal, Kitchener and Edmonton. The properties in Toronto are some of the most popular in North America, whether you decide to invest in a condo, buy a house or commercial property. Due to the high cost in Toronto, which makes it difficult for the larger part of the population to own a home, owning your own condo unit is a better alternative.
The Canadian condos are led through the Condominium Act of 1998 of Canadian law. The act provides good protection for the buyers by laying out information that needs to be provided when they purchase a unit. It mainly ensures that the owners have a hand in the way of the running of the corporation. You would find different types of new condos in Canada like the following:
Phased Condo - In such kinds of condos, as per the Condominium Act, the common elements maybe added in various stages, over an extended period of 9-10 years.
Common Elements - Such condos consist of just common elements without any units, like the homes maybe on a separate land, and may have the amenities or facilities like recreational centre or golf course.
Leasehold Condo - Such units are mainly built on leased land by the developer to the purchaser, who is never going to own the land. They purchase a leasehold interest in the concerned unit and the common elements for a number of fixed years and the interest can be sold.
Vacant Land Condo - Under this condo corporation the units may consist of the vacant empty land onto which, after registration, the owners can decide what they want to build.
While the condo prices maybe heading to a rise, there is still a lot of opportunity for those who bargain and hunt to find a condo in a good neighborhood.