More Canadians cite affordability as reason for buying condos
A new study indicates that Canadians are interested in buying condominiums mainly because of their affordability.
According to a recent poll of Canadians looking to buy a condo, 62 percent of respondents under 36 said affordability was their primary motivation for choosing a condominium over other types of property. Among other age groups, 46 percent said the reasonable price of condos served as the primary reason they were buying.
Other common reasons for buying a condo were location, particularly for Montrealers. Moving downtown can cut commute times considerably, making condo life more appealing to bit-city dwellers. A condo is an affordable alternative to purchasing a house, especially for first-time buyers.
But potential buyers need to be aware of the extra costs associated with owning a condo—like parking and condo fees—that house owners don’t have. These can add to your overall monthly expenses. And just like a house, condo insurance is recommended to cover any damages that the builder isn’t responsible for. Having a clear picture of your expenses will allow you to see what you can afford. To get an idea of what your monthly insurance costs could be, visit our home quoter.