Those who were planning to buy a house this fall are probably keeping an eye on rising mortgage interest rates. And not only them. Those, who have already purchased property and are due to renew their mortgage this year, are also watching with bated breath what disputes flare up in the press over the growing banking interests. It is now becoming clear that housing prices will not rise soon, but will most likely fall, primarily for apartments (condominiums or condos for short), which are less popular than houses.
My clients who were qualified by the bank to buy a $500,000 home in 2022 are only qualifying to buy a $400,000 home or condo this year. Therefore, many of them believe that it is better to buy a good condo than a bad house. It should be considered that buying a condo is much more complicated than buying a house because you are not only buying your personal space, but also common areas with limited use, such as balconies or parking spaces. Each owner must respect the rules of living in the building. For example, it may be prohibited to have dogs, barbecue on the balcony, or wash your car in the parking lot.
Once the buyer’s offer has been accepted by the seller, the future owner has 10 days to review the annual meetings and financial statements for the last 3 years. If the buyer is not satisfied with the financial situation of the co-ownership, for example, at a meeting in 2021, a decision was made to replace the roof in 2024 and the approximate estimate is $200,000. However, the co-ownership has barely $50,000 in its account, which is definitely not enough and threatens urgent additional payments. This is a valid reason for refusal of purchase.
Here are two interesting condo options in Brossard on the South Shore of Montreal:
Condo 3 bedrooms and garage, 359 000$:
Condo 2 bedrooms and garage, 298 000$:
There are also attractive proposals in Montreal:
Condo 2 bedrooms and garage, 347 700$:
Condo 3 bedrooms and garage, 359 000$:
Always ready to help you, Olga Ouspenski, real estate broker with 20 years of experience. Contact me : +1-514-999-9260, , or here www.OlgaOuspenski.net/.
The trend of selling for higher prices than the initial asking price is giving way to a more cooperative real estate bargaining process, in which buyers can bargain and offer a lower price than the initial asking price.
The average time it takes to sell has also increased. Buyers are now not rushing as before, they make informed decisions. During the excitement, some buyers were afraid to inspect the property in case they didn’t get the deal, now all purchases include a thorough inspection.
