With the real estate market taking off the way it is in Waterloo Region, now is the time to get into the real estate game!
There is absolutely no question that the values are continuing to rise for single-family homes, as well as residential properties throughout this region. There is a lot of frustration for Buyers, with multiple offers and being beat by people who are entering from outside the local market and are driving the values up.
The best way to affordably enter the real estate market is to buy in areas where there is not yet a high demand. In my opinion, condos would be the best investment to at least enter the market, even if it is not the desired type of residence you wish to live in. Having your money invested into a condo - be it a town home or an apartment - you have the opportunity to enjoy the next wave of growth that will surely occur.
By comparison the condo market has not increased at the same level as single family residential homes have, however, it will when mainstream residential housing is no longer affordable for first time home buyers. The market will automatically go to condominium living, like we have seen happen in the Greater Toronto Area, which now has risen to an all-time high of buyers trying to enter the market. In the GTA, buyers only have one option, and that is to buy into multiplexes and condominium types of properties. The Waterloo Region has an abundance of condominiums available to be invested in and to live in. My recommendation is to look for buildings which have lower condo fees, that are newer, not subject to special assessments, and have an opportunity of upside growth.
Generally, the market has increased - by approximately 40% in the last 18 months! However, this does not apply to the condo market. I predict that in the next three to five years, we will see this shift and an increased demand for condominium type of properties. Having some form of real estate is better than having none. Incomes are not increasing at the same levels as real estate values. It is important to stay ahead of the curve and it is very important to invest in the future. The future though, is any kind of residential / home ownership.
Getting your foot in the door now will pay off in the future! It is best to investigate thoroughly the types of residential condominiums that are available throughout this region and ask a real estate professional to guide you to buildings that would best give you the highest returns!
Call me at 519-624-5555 to see how I can help!