SMART tips
Te truth about buying a condo
Condo sales are up in Winnipeg; here's what you need to know
STARTING AT $
(GST INCLUDED) 221,900
Whether it's on Waterfront Drive or elsewhere, condo living has become very popular. By Tania Moffat
in popularity. “Condo sales in 2013 were up thirteen per cent over 2012, representing one out of every five home sales,” says Peter Squire, WinnipegRealtors market analyst and director of public affairs. “We had 1,759 condominium sales in 2013, the highest an- nual total we have achieved in our 110- year history.”
W Te market shift Condos offer consumers a more afford-
able type of home ownership. “Last year, thirty-two per cent of total sales fell into the $150,000 to $199,000 range, and sixty-five per cent comprised condo sales under $250,000. Winnipeg is also adding more inventory,” Squire explains. “New builds and conver- sions have helped to add affordable proper- ties to the market and increase condo sales over the last few years.” David Powell, president of WinnipegReal-
tors, explains that the condominium market in Winnipeg is continuously developing and will continue to grow. “Choice is the nice thing about where Winnipeg is at now. In the 1990s there were not a lot of condos be- ing developed. Between 2000 and 2004, we began to see some developments, but since then our needs have changed. Now we are playing a game of catchup with condo devel- opment in the city.” “The growth of the market has led to
a large diversity of properties from base conversion one bedroom properties selling for $150,000 to million-dollar bungalow stand-alone condominium properties. Tis diversity in style and price also contribute to good resale, as the market is not oversatu- rated with the same product,” says Powell. Sales have been highest in the south,
southeast, and southwest corners of the city in developments such as Waverley West, Tuxedo, and River Park South. The large number of products on the market in these areas contribute to its high sales. Downtown sales are also strong and
increased investment in this area over the last eight years has led to more residential projects in the core. Proposed projects like D Condo, One Portage & Main and Glass- house Lofts are counting on this continued trend. All this is good news for Winnipeg as we need to increase densification of the city and provide more multi-family residences, apartments, and condos. Te benefits of owning a condo
Choosing whether or not to buy a condo-
minium has a lot to do with lifestyle. Do you relish the thought of never having to shovel snow, mow the lawn or fix the roof? Condos provide owners with freedom from mainte- nance, a sense of community and security, and often amenities that they may not have been able to afford otherwise, such as a gym or pool. New projects in the city are consid-
March 2014
hile home sales may still be domi- nated by single family homes, condominium sales are growing
ering these lifestyle factors in their designs including amenities such as rooftop terraces, recreation rooms, and senior services. Tese luxuries are not included for free;
they are incorporated into the monthly condo fees. “Condo fees vary based on the size of the condo, style, project size, and really depend on the services that are pro- vided by the developers – utilities, amenities, landscaping, common-area fees, reserve fund contributions, parking stalls and more. Tese factors are all reflected in the condo fees,” explains Powell. “Townhouse condos generally have lower fees because they have separate utilities and no recreation facilities, whereas large projects with large common areas or older buildings in need of more maintenance will have higher fees.” Reserve funds, part of monthly condo
fees, are paid into by each person who owns a unit in the condo building. Te purpose of the fund is to cover non-routine operating costs and renovations as the building ages, like carpet replacement and roofing. The decision as to the amount paid per month and how much is kept in the fund varies widely, and should also be investigated by interested buyers. Condominium sales require considerably
more documentation than typical home sales. Powell recommends that interested buyers, especially first-time buyers, use a real estate agent. “When we talk of pitfalls of buying condominiums, it is usually regard- ing buyers not being knowledgeable about the complete process and Realtors can help with this.” Realtors are able to investigate the cor-
poration to determine if it has any legal or insurance claims. Tey can research your condo fees, your unit’s boundaries, the cur- rent amount of the reserve fund, and if any special assessments are planned – all the finite details that the buyer may not find easily accessible. Condo owners are still responsible for
property taxes, contents insurance, utilities not covered in their monthly fees, optional amenities such as parking or additional stor- age, repairs within their unit, and of course mortgage payments. Monthly fees may seem frightening but buyers should consider that home owners still need to pay for utilities and insurance, and are solely responsible for upkeep, repairs and maintenance. Add to that the cost of purchasing the tools or services needed to maintain their homes and the financial playing field starts to level out. Ultimately, it comes down to your lifestyle.
Homeowners have more freedom in terms of decision-making, pets, design, and privacy, whereas condo owners have less privacy, must share in decision-making processes, and follow rules and regulations. Is privacy important or do you want to live
within a secure community? Buyers need to decide what aspects of home ownership are most important to them before making a choice.
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