Condominium which is also called condo as short name is a living space like as apartments but it can separately sale out with help of real estate market, condo mostly found in USA and Canadian provinces in majority. Structure of condo can be divided into many units which can be each owned separately. Condominiums are outstanding in crowded areas of Waterloo and Kitchener.
Residential condo mostly builds as like apartments buildings but in size they are detached condominiums which are more suitable for a single family, in condos case yard, streets and building outside owned jointly by all people who are living here. In condo owner ship people of both cities own their internal property but share property outside of building. Ontario real estate market for condo is facing rising price day by day. Due to increasing population and migration of people from not only Canada but also all over the world rent of condo’s increasing and supply of condo is limited.
Analysts and developer of real estate of Canada take a look of market in 2019 first 5 months and they found that Canadian real estate market is uneven for new buyers, sellers and renters. In 2018 11.5 % was increase in condo market and a good one bed unit was available with average monthly Rental price $1794. After that this monthly average increases as $1954 and 2 bedroom condo rent from $2169 to $2385. Waterloo is a university town and center of international companies which is attractive for job seekers. In first 5 month of year sale of new condo is gained a notable value, sale of condo was rose in January to June by 806 unit and 93% than 2018 and Sale of condo’s in waterloo was 262 through sale fell in 2019.
A real estate market expert of Ontario explained his point of view as both cities Waterloo and Kitchener needs a large unit so they can provide accommodation to families for this purpose apartments less than 300square feet is suitable, if buyer want save money and seller want to make money than apartment style condos are best for both of them. According to data chart of cities, sale volume and sale prices of condos increase in 2019 than the any other style of houses. In 2017 resealing price of Waterloo condos for sale was round about $271,000 which is more than price of 2016, median prices of double story house rose by 11.1 %.
Pre-construction condo’s prices are continuously growing and it’s confirmed by average index selling price. 2017 for Canada, Ontario as waterloo and Kitchener was called the year of condos, limited supply of condos and increasing demand misbalancing real estate market of Canada. It’s clear according to facts and figures that condo is most preferred and suitable choice for own a home at low price than other options such as apartments, houses, town houses and many more.
Resident of Kitchener-Waterloo
Realtor at. SKYHUB Canada
905-999-7774 ext. 5055