Nearly 1.9 million Canadians live in condo buildings across the country, according to Statistics Canada, and it’s safe to say this figure will likely rise in the future. But what’s the reason behind this trend? Well, there are numerous benefits to condo living, and today we’re going to explore the top six!
The Financial Aspect
One of the main advantages of condo living involves property ownership. Instead of paying your landlord rent on a monthly basis, you get the opportunity to use your funds towards a mortgage payment.
Even though it can take time to pay off your mortgage, it provides many first-time buyers with the chance to build their asset column and increase their equity.
Imagine yourself waking up in the morning in your gorgeous condo – right in the heart of the city. You get the magnificent views of the skyline, and there’s no need to commute in traffic anymore to work or miss out on all the exciting action.
This reality is now attainable, especially if we look at one of DevMcGill’s innovative condo projects. These developments specialize in creating a sense of community in an urban and dynamic environment, which is suited for both families and young professionals.
Property Appreciation Value
Let’s not forget Montreal’s in the middle of a condo boom, and the city is dotted with cranes and construction towers. The demand for condos has increased over the last decade, and as a result, prices have appreciated generously on a year-to-year basis.
This is evident in Montreal where the general demand for property exceeds the supply. Therefore, condos are significant investments, and you’ll likely make a profit if and when you decide to sell.
Most modern condo buildings are equipped with state-of-the-art amenities like pools, hot tubs, saunas, gyms, and common areas. If we look at the NOCA condo project in Griffintown, the plans reveal a room called Le LIFE LAB.
This place represents a comfortable workspace for the modern entrepreneur or freelancer. On the flip side, there’s also a room called Le SPACE that’s equipped to host parties and get-togethers. This space even has a full kitchen, coffee maker, and a giant screen for entertaining!
If you’re a condo owner, you’ll never have to worry about cutting the grass again! Most simple maintenance tasks are covered by your condo fees, which are paid monthly to the condo association. All condo associations must also create a reserve fund, which is used for major renovations in the long-term future.
Sense of Community
The last major advantage of living in a condo is the fact you get to establish a strong sense of community with your neighbours. Most residents will get to know one another during the condo association meetings, and by running into one another in the common areas. It provides an excellent opportunity to socialize and create a network, especially if you’re new to the city.
If you’re interested in purchasing a condo in Montreal, we invite you to explore one of DevMcGill’s innovative projects. Discover all the possibilities on our website or give us as a call at 514 288-4737.
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