Posted 10.12.12 @ 15:35
Last month a new condo report came out, suggesting that while buyers are eager to buy Oakville real estate they’re still buying in Toronto too. You’re going to have to ask yourself if the jump next year ($348,000 is expected to be the ballpark figure) compared with the good October prices here with Oakville luxury homes for sale, if now is the time to buy. Here we’re going to go over what the report means and if you should buy now or wait until later.
More People, Fewer Houses
While it’s no secret that there are many pre-build condos going up, the population of all 8 of Canada’s major cities (including Toronto) are expected to boom in the next 5 years. Even if condos keep going up on schedule, there will be more people moving in than there will be homes. So if you buy an Oakville luxury condos for sale now, your best bet will be to invest now.
Why Are Condos More Affordable than Traditional Homes?
Since condos are scaled vertically, you’re going to be able to find much more affordable housing with Oakville luxury condos than you would with traditional homes. Think about it, how many condos can sit on a square foot of land compared to a traditional house or townhome? If you want to be close to Lake Ontario and have a heck of a view, it pays to look at Oakville homes for sale. Over half of all new dwellings being built today are multi-unit dwellings like condos.
Which is Right for You?
Figuring out what kind of luxury real estate is right for you is never easy, but you’re going to want to make a list of what you need. If you want to be close to an urban centre like downtown, condos are the best way to go. If you want a rolling lavish estate, an Oakville luxury home might be the better choice for you. In the last 4 years, the population of Toronto alone has jumped almost 20%; if you want to be able to get ahead of the curve you’re going to need to think about buying a condo instead of a detached or traditional home.
Are Condos Really Worth It?
When factoring in the true cost of buying any Oakville real estate, you’re going to want to factor in HOA fees, parking fees and everything else that you have to pay to keep your home. Are you going to have to pay for renter’s insurance? What are the hidden costs of buying luxury condos? If you want to find out, you’re going to need a smart luxury realtor on your side… and that’s us!
We’ll be here to help you get the most out of your purchase. If you want to learn more about Oakville real estate, let us help!
Click here for our listings of great Oakville luxury homes for sale.