18 Oct What to buy, when to buy, where to buy?
What to buy… when to buy… where to buy???
As the ever changing market starts to shift from what was a strong balanced market to a buyer’s market, the question remains… what do I buy, when do I buy, and where do I buy??? The quick answer to this is… BUY NOW AND BUY CONDOMINIUMS!!!
In a buyer’s market there is a larger inventory base of properties and buyers are scarce, making it a harder time for vendors to get top dollar for their homes. The condo market is very saturated at this time and therefore there is a huge inventory of condos everywhere. Because of this, I believe it is truly the best time for buyers that are renting, or living off island or wish to live in the West Island of Montreal to invest in the area.
If buying to live is not an option, as you already have a home, but have some extra disposable income to invest, owning a condo is also a great opportunity to build a real estate portfolio and use it as a rental property. The interest rates are still fairly competitive and condos are nevertheless quite affordable, making it a viable investment opportunity.
When there is a large inventory of condos, the margins for negotiation are far greater as well! The best part is, sellers are VERY motivated and with months of idle action on their homes, vendors are more flexible to negotiate price, occupancy and inclusions. Based on statistics from the Greater Montreal Real Estate Board, “condominium sales dropped by 10 per cent this year… compared to April of last year”. This is a big drop in one year.
The aging population in the West Island of Montreal is also selling and wanting to downsize their 3+ bedroom homes because their families have grown up and they can no longer upkeep a house. Not all of them want to move into a senior’s residence as they are able, independent, and like all of us, don’t want to be reminded that they are getting older! Living in a condo building that has young people, professionals and active seniors alike is much more of an exciting option for them. Much of the boomers still want to be in the hustle and bustle of things and do not like the idea of being in a senior’s residence surrounded by other seniors.
With this said, talk to a mortgage broker and a real estate broker to see what your buying power is and if buying a condo is right for you. Your buyer’s real estate broker is there to help you with the condo buying process and most importantly, to facilitate with the transaction. Our job is to always educate you and help you make an informed decision during the buying process, to leave you feeling empowered by your purchase and excited to live in your new home.
By: Nancy Kafadarow