Real Insight: The Benefits Of Owning Your Own Condo
People are looking at more creative ways to get into the market.
Consumers are teaming up to buy a home with family and/or friends, families are looking to alternative housing options that are offered beyond the traditional detached property — perhaps a townhouse or condo is more suitable to their lifestyle — and some are even looking to areas/neighbourhoods outside of the more well-known “hot pockets.”
There are also several programs that can help assist with a down payment, and a realtor may advise as to your options. One notable mention goes to Habitat for Humanity GTA. Habitat helps low income families achieve their dream of home ownership through decent affordable housing, and most recently TREB contributed $150,000 to a new home build for a local family at Habitat’s 140 Pinery Trail build site.
Growing your wealth
Buying a home — whether ground related or in a condo tower — ownership will likely be the largest investments in your life. Ownership can offer you a straightforward way to build your wealth and save for retirement. And unlike other investments, you can live in your home as it provides a nest egg for your future. Plus, if your home is your principal residence, price gains are exempt from capital gains tax.
Be a part of a community
Finally, your home provides you with the backdrop for all of life’s most important events. Owning your home means contributing to, and becoming part of a vibrant community — this is the part of your investment that you just can’t put a price on. Owning a condo in a neighbourhood you can call “home” buys you a sense of security and peace of mind that is truly priceless.
So, whether you’re considering buying your first property, or you’re looking to downsize to a more manageable space, remember that home ownership is a great investment.
LARRY CERQUA is president of the Toronto Real Estate Board, a professional association that represents 45,000 professional realtor members in the Greater Toronto Area. You can contact him at TREBpres@trebnet.com.