Real Estate Market Heating up for Older Condos and Lofts

So the Real Estate Spring market is upon us  and is heading into top gear. A trend that is being noticed by Realtors is the increase in demand for lofts, older style condos and townhomes as home buyers search for the next best alternative to semi detached or detached homes. Older style condos built pre 2000 are larger in size that ones currently under construction. The trend too is that their annual price growth appears to be a lot stronger than newer condos as buyers now seek the alternative. The maintenance fees on older condos are higher than newer condos  but this is largely due to the extra square footage The majority of new condos coming to the market are smaller one bedroom or 1 bedroom plus den style apartments which are targeted towards the investor for the rental market. The savvy buyer are now looking to the bigger units as the alternative. According to research conducted by condo research firm Urbanation, the figures may support the purchase of older style condos

Projects built in GTA before 2000

Ave selling price: $374,000

Ave. size: 1,141 sf

Ave. price per square foot: $328

Ave maintenance fees: 64 cents per sf

Annual price growth in Q4 2014, year-over-year: 7 per cent

Projects built in GTA after 2000

Ave. selling price $395,000

Ave. size: 812 sf

Ave. price per square foot: $486

Ave. maintenance fees: 61 cents per sf

Annual price growth in Q4 2014, year-over-year: 0.2 per cent

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