Many condominiums, or condos as they are commonly known, have been coming up in Canada in the recent years. The area that has shown the significant boost in Toronto as much as other towns and cities are also getting their share. According to 1 Yonge condos experts and investors, there are various reasons why Canada is getting such attention in the building of these units. It is not just a coincidence that the growth rate of condos is much higher than any other housing plan. So, why are the condos a significant boost to the real estate in Canada?
Condos are relatively cheap to construct
If you look at each mega project of a whole condo, you may get discouraged to invest your money. However, real estate experts do not hesitate to say that the cost of each unit in a condo is far much cheaper than a stand-alone unit. Therefore, they contribute to the sustainable economy in many ways. Imagine over a hundred units sharing a small piece of land? Imagine the cost saved by sharing of amenities. Canadians are keen to embrace this kind of housing.
Condos have a ready market
Most condos in Toronto are usually booked for purchase and lease before completion. The investing companies usually advertise them early enough where buyers can choose as early as during a floor plan. With such kind of assured market, the large investors are not afraid to contribute finances. At the end of the day, the country at large moves forward economically and in terms of development. If you are planning to buy a unit in a condo, you had better start looking early. Most of those you see standing across Toronto are fully booked.
Condos offer great amenities
The imagination of living in a unit where you can access various amenities within makes people want condos more. Most of them have shared swimming pools, serviced units, ATMs, restaurants and a gym among many others. They also offer ample parking for each unit and enough security. All this is in addition to the fact that they are usually in the city where you can access other amenities quickly. Such kind of housing planning is an excellent boost to the real estate in the country.
Condos generate tax
Whether they are sold or leased out, these housing units generate tax to the government. The real estate tax system is well organized in Canada so that it can benefit the whole country. Foreign investors have nothing to fear as the country welcomes them and has a favorable taxation process for them. This, in turn, boosts the real estate industry as more investors feel safe to invest and also grows the economy at large.
There is beautiful competition
Toronto, to be specific, seems to be in some kind of real estate competition. The many real estate firms are going to the best architect and engineers to build iconic condos that are not only amazing but boosts the beauty of the city. Apart from building new units, they are also renovating the old buildings to match the new trend.