Sometimes it can be hard to determine why some homes cost more than others when they have similar features. Whether you are looking for a condo or waterside real estate, there is a very wide scale at which prices are set. A number of factors go into determining the value of a home and it's important to know what elements go into figuring out the value of a piece of real estate.
One of the biggest factors is location. Vancouver, Toronto or Montreal homes are going to cost significantly more than real estate located in the suburbs outside of a big city. If you wish to live in a thriving downtown core, you should be prepared to pay. Even if a home or condo seem virtually the same, the location can make the asking price sky rocket. If you are looking to save a few pennies or desire larger home or condo, consider looking just at more rural areas just fifteen minutes outside a city hub. Often, you can get a multiple bedroom house or condo in the outskirts of a city that will generally be cheaper than a smaller unit in a large city. This will be a lot cheaper than a real estate property in the downtown area of a big city.
If you are looking at buying a condominium, you can compare prices based on different amenities that the building offers. Most condos tend to be more expensive if they offer luxuries like a pool, concierge, game room or hot tub. If these things don't matter to you, it would be a good idea to consider options with fewer amenities. Also, if you are buying a condo in the downtown core of a city, a parking space can add to the total asking price. In cities like New York and Vancouver, parking is extremely difficult and having the convenience of a parking space can add to the value of a home. So, whether you are looking at condominiums, make sure to consider amenities when comparing prices of options you are interested in.
Generally, in large Canadian cities like Montreal, Vancouver and Toronto, condo sales are going to be more on the expensive side versus homes in rural or suburban areas of the country. It's important to carefully consider what you want in a home and what the real estate offers when you are making price comparisons.
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