Vancouver and Toronto are not known for affordable housing. Ottawa, however, is another story. According to reports from RBC Economics Research, Ottawa continues to be recognized for housing affordability – findings that first-time buyers, in particular, are reacting favorably to.
Where Do Condominiums Stand In This Scheme Of Things?
When condos first came out, marketing efforts were directed primarily to two market segments – single young adults and retirees. The yuppies, eager to leave their parents’ homes, readily bought into condo lifestyle. Retirees welcomed the opportunity to downsize and do away with the large expense of maintaining a large house.
The market was eventually expanded to include people who wanted the ease and convenience of living downtown without spending a hefty sum for a detached home. Even small families who didn’t want to move out of the downtown area opted to make their homes in condo units.
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These Days, However, The Condo Market Seems To Be On A Slump.
People who initially bought into the condo lifestyle because of the affordable price had second thoughts primarily because of changes in their lives. Single adults married, took on pets, or had kids. The idea of trying to make a life in a small condo studio did not seem as wonderful anymore. Taking a townhouse or a small house in the suburbs and driving to the city on a daily basis didn’t seem to be such a bad idea after all.
Condominium starts went down by 37% in 2014 and 45% in 2015. The year 2016 showed the least number of condo units being constructed since 2007.
Today, if a person is able to get a freehold home through a mortgage broker, he does just that. Even when a person does want a condo unit, he tends to spend a lot of time looking over the fees, quality of management, amenities and other factors that seem to differ from one condo to another.
The market for condominium units is acceptably sluggish right now. Agents, however, say that units with a good price, as well as excellent services and amenities, are likely to do well in the market over time.
The market for condominiums is still moving. This year shows a better performance compared to the last couple of years. Agents are saying that although the condo market is not yet past the slump, the worst seems to be over.
Sustainable Condo Living
The prospects seem brighter, especially because developers have started to build condominiums targeted at people looking for fully developed environment-friendly sustainable communities.
Zibi, a development project of Windmill Development Group and Dream Unlimited Corp., spreads across 37 acres of land in the Gatineau Waterfront and the Albert and Chaudière Islands. It is envisioned to incorporate condo buildings, as well as shops, a boutique hotel, a system of cycling paths and pedestrian walkways, and waterfront parks. It is designed for affordable, easy, and convenient sustainable lifestyles with zero waste, zero carbon, sustainable food, water, materials, and transportation, wildlife habitats, strong community life, culture, and local economy.
Greystone Village, a development project of the regional Group and eQ Homes, intends to integrate green space, energy star homes, integrated transport stops and other similar development programs into the community.
Minto Homes also has a sustainable initiative in the form of its Net Zero Energy Ready Home.
Many people seem interested in condo options that are energy-efficient and environment-friendly. It remains to be seen, though, if prospective buyers are ready to hand in the outlay upfront.
Prospects For The Real Estate Condo Market
While you see a decrease in condo starts, the condo resale activity shows a modest growth. Resale condos have become more affordable, bringing up buyers’ interest in them. As soft demand and more than enough listings bring the prices down, buyers are taking advantage.
Ottawa continues to grow as a city. It continues to attract immigrants and professionals. Some of these people will want to stay in condos, green or otherwise, and will have several options to choose from.
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