After a few more difficult years, condominium resales have accelerated over the past two years. The Clementi area in Singapore greatly influences the Quebec condominium market, considering that in 2018, huge number of condominiums sold in the province was located in Singapore. Check out https://www.parcsclematis.com for best condo deal on Clementi area in Singapore.
New Condo Price
On Singapore, there are huge condominiums (new excluded) that were sold in 2018, which represents an increase of 15% over last year and shows the popularity of this type of property.
Strong demand has led to higher resales, but also higher prices above inflation.
The median price per square foot of condominiums was increased according to data collected. During the same period, inflation was around 2%, so a real increase in value is observed.
Evolution of median price per square foot – Island of Montreal
The price of a condominium and its evolution can fluctuate widely according to the district where it is. Generally, the closer you get to downtown, the higher the price per square foot.
The city of Tampines unsurprisingly has the highest median per square foot price paid in 2018 among all the boroughs and cities on the Island of Montreal where a sufficient number of condominiums have been sold to allow for the establishment of a median representative price. In this sector, the median price per square foot for resales over $600. This is the only place where the median price per square foot exceeds $ 500. For this city, the median price per square foot jumped 7% this year and 30% over 5 years.
The other two most expensive territories are Ville-Marie ($ 465 / sq. Ft.) And South-West ($ 462 / sq. ft.). The three sectors with the highest prices are also among the 5 places where the cost has grown fastest in the last 5 years, that is, by more than 20%.
The real estate market in 2018 was particularly dynamic and surprised many. For 2019, sales growth may be more moderate, although several factors will continue to support the real estate market.
Can you afford it?
Owning a house or condo has many advantages, but before diving, it is important to weigh the financial stakes associated with such an investment. The main advantage of the property is of course no longer having to pay rent. You will instead pay a mortgage for a home that belongs to you. The Quicken site also points out that the costs associated with a property are often more stable. Homeowners can decide to raise the rent, but if you have a fixed rate mortgage with other predictable costs, you can make a budget much easier. However, when you buy, you are responsible for the maintenance of your property. If you buy a condo, you must subscribehome insurance for your condo , because you never know what can happen when you share your building with people you do not know. Better to make an accurate budget before diving and check that you can pay all the other costs of buying a condo. It is a good investment, but as they say, there is no point in running: you have to start at the right time.
Does the neighborhood suit you?
By buying a condo, you must make sure that it is located in the right neighborhood. Everything depends on your needs: you may want your condo to be close to amenities such as schools, supermarkets, shops or any other service that will add value to your property. Easy access to downtown is another factor to consider. You can also buy a property located near a metro station or RTM (Metro Transportation Network) line – this type of benefit can add to the value of your property.