Posted 10.26.12 @ 6:40
Wherever you turn, people are freaking out about the condo market across the GTA. “There are too many condos for sale!” “Too many condos are being built!” all of this just adds up to one thing: nothing. Interest rates on Oakville luxury condos for sale are at the lowest levels we’ll probably see in our lifetimes, the area is seeing steady immigration and Baby Boomers are looking for smaller more modern homes. With so many things going for it, the condo market is doing fine. Let’s take a look!
Why are Condos a Great Investment?
If you’re looking for a low upkeep alternative to the traditional house, a condo could be the answer. These are great for people looking for something modern, something affordable, and something luxurious. They’re also something to consider since condos appreciate at a much lower rate than traditional homes.
Isn’t Appreciation a Good Thing?
Yes, that means there’s more value in your Oakville homes for sale; it also means that they’re less prone to “bubble valuation”. By mid-September the price for an average Toronto home had reached $800,000. If someone buys that house now, in five years the prices probably won’t be so high. New immigrants and low interest rates are fuelling the demand for housing, but no one can say that this is here to stay.
When a unit appreciates slowly, you’ll get two benefits:
Affordability: compared with Oakville homes for sale in the same area, Oakville luxury condos will be much more affordable. This means you’ll be able to splurge on all kinds of perks that make a house a home. When housing prices crash because they had become insane, a condo will keep more of it’s value because they’re less susceptible to the bubble effect.
Lower Taxes, Lower Costs: Owning a home is expensive, and with luxury real estate Oakville condos you’re going to be able to save on property taxes and the cost of maintenance. The downside is that you’ll have HOA fees, but the upside is you’ll get rooftop pools, personal shoppers and whatever other perks a development will toss your way to get you to move in.
Interest Rates to Stay Low
Interest rates are projected to stay on the low side through 2014, so even if you didn’t invest in a condo it will help the housing market slow down gradually, instead of crashing. Condos are an excellent hedge against inflation though, and they give you tons of options to personalize. With the cost of Homeowner’s Insurance, maintenance, security and everything else that goes into owning a traditional detached home, a condo is just a great way to have a worry free home!
If you’d like to learn more about what condo living has to offer you, talk to us! We’re experienced Oakville luxury realtors and we can help you find the right condo. Why waste your time on things that aren’t worth it when you can have the condo you’ve always wanted today?
Contact us today to find out how we can help you!