Condominium living in Canada
Immigrants coming into Canada have a number of options for living arrangements once they land on Canadian shores. Many stay in apartments from the beginning, but, at some point, the prospect of branching out becomes attractive.
Condominiums (condos) are in many respects a step up from apartment dwelling. Generally speaking, a condo is an apartment that is individually owned.
Often the owners purchase condo units as an investment and rent them out. In these instances, an immigrant will still be paying rent, but the accommodations will likely be superior to most apartment complexes. These are available in short-term and long-term leases, and some may even come fully furnished.
The urge to buy a home and put down roots is a reality for a large percentage of immigrants. They may not want to move out to the suburbs where single family dwellings proliferate, and instead may prefer to stay in the city.
Condos are the path to home ownership for many of these immigrants. They get to enjoy the benefits of home ownership without giving up their enjoyment of the city and all its amenities.
Advantages and disadvantages of condo living
The advantages of condo living, as opposed to single-family dwellings, include proximity to the city with its shopping, cultural events and nightlife.
An individual condo owner doesn't have to be concerned with such chores as lawn mowing and landscaping, painting, and other outside maintenance. The condo association takes care of such maintenance through the dues paid by each condo owner.
Most condominium complexes provide extras such as swimming pools, tennis courts, exercise rooms, and clubhouse facilities for entertaining.
On the flip side, condos present a living situation where a resident will have neighbours very close by. There may be noise from conversations, televisions, radios, and other media, as with apartment dwelling.
There is a loss of autonomy in condo living since there are rules and regulations regarding what one can and cannot do. Decorating, parking and pet restrictions may be uncomfortable for some who might prefer having the freedom of answering to no one.
Get professional help
The first thing homebuyers must do when considering the condo option is to find a real estate agent. It's important to have someone who understands the market and is familiar with the procedure for making their dream come true.
Additionally, you will want to speak to a real estate lawyer who is knowledgeable about condominiums, a qualified home inspector and your bank manager or financial advisor. Canada Mortgage and Housing Corporation (CMHC) suggests condo purchasers investigate the financial well being of the condominium corporation they consider buying into. Printed and electronic copies of the Condominium Buyer’s Guide can be ordered free from the Canada Mortgage and Housing Corporation.
Buying a condo is similar in many ways to buying a single-family home in that the purchaser must quality financially for the home. Once an offer is made, the buyer can expect a counter offer, and negotiations will ensue until both parties agree on a price. Nothing says permanent residency better than home ownership.
