Given
how Vancouver’s real estate market is behaving at present, it is
not surprising why a lot more people think it better to buy a condo
unit than buy a house of their own. True enough, it is estimated that
in 2013, more than a million Canadian households owned at least one
condominium, either for living or rental purposes. If you want to
follow suit, then you should be aware of the various types of condos
you’ll find in Vancouver.
First
things first: according to the Canada Mortgage and Housing
Corporation (CMHC), a ‘condominium’ isn’t a specific type of
building, as the term also applies to low-rises, townhouses, and even
single-detached homes. To simplify your options, the CMHC classifies
condos into new, resale, and conversion condominiums.
New
condos
are exactly as their names imply. These buildings are brand-new,
which typically means you get to customize a particular unit. Resale
condos,
on the other hand, have already been occupied, although they also
give you an opportunity to meet with the tenants and the condo
association to get a better idea of what you’re buying. Conversion
condos,
meanwhile, are buildings that were previously used for commercial
purposes before being transformed into residential units.
The
CMHC also classifies condos in terms of ownership. If you buy a
freehold
condo,
for example, you’re also paying to own the land the building sits
on. In contrast, a leasehold
condo
is still owned by the developer, and you’re only paying for limited
ownership.
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