Living in a condo is ideal to keep up with big city life. If you’re planning to move to Winnipeg or any other major city across Canada, you’d do well to know the local housing market inside out. Many factors can affect the price tag of that condo unit you’ll be eyeing. Here are some few tips to help you prepare financially.
Plan for the Future
If you’re just going to be in town for a couple of months to a year, buying is probably not a good idea—you’d be better off renting instead. If you want to settle permanently or stay for at least ten years, the smart choice is to buy.
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Prices differ from city to city. For instance, in a city like Toronto where everybody wants to be, there’ll be limited space and likely less units available. You can expect condos to be more expensive there to make up for the lack of availability and keep the supply-demand relationship in balance.
Cities already make transportation easier by being that much closer to the essentials, but if you want a better resale value, look for a property with the most transit options. This might drive up the price a little, but you can save up on transportation costs in the long run.