Condos suit young adults, and retirees who want to downsize. As houses rise in price, more people in between those extremes may opt for condos. Given the strong foundations for condo demand, I have found there are surprisingly few resources available to help people make smart buying decisions. I did find one great resource though: The Condo Bible For Canadians: by Dan Barnabic. I found it to be very helpful!
What accounts for the big rise in popularity of the condo as a place to live?
It’s basically hype fuelled by several forces, many of them developers. The buildings themselves were built or refurbished to be a bit nicer than ordinary apartment buildings, and they can sometimes have more amenities such as swimming pools, gyms, little perks that make you say, why not? They require less upkeep than a house- sometimes it just makes sense! As a result, things mushroomed to the point of a deluge of condo towers, especially in places Toronto and Vancouver.
What’s the role of the condo board, and how can a person make sure they know what they’re getting into before purchasing?
The condo board is usually in charge of the governance of the complex, making sure that money is being spent properly, that the management of the condo is performing its job diligently, that the proper bidding process takes place for any repairs, etc.,... A person interested in purchasing a condo should find out about all of this and make sure the board is doing its job. I recommend talking with the residents and asking them if they’re happy!
How can one tell if condo fees in a particular building are reasonable?
It's like just about everything- you have to shop around! do some comparing – go around to other buildings and ask how much people pay and how big their units are- do the math from there.
Condo's and resale
Selling a condo for the most part, is not all that different than selling a house... I recommend you notify your board of your intent to sell so that they are aware. Once the unit does sell, they will need to be given all the information for the new owner.
Condo's are becoming quite popular here in St. John's these days as well! I have attached some pictures of my latest condo listings located at 68 Pasadena Crescent! They are a sweet find, priced right and for the time being- still available! Check them out!