New condos in Regina have been springing up like grass for the last few years. The slow, oversaturated condo market has created concern for owners and consumers all over Saskatchewan. Yet, people are still buying them and builders are having no problems selling them. This must mean that there is still a demand for new condos in Regina.
These are 8 FAQ’s consumers have about new condos in Regina:
1. Why are builders still building condo/multifamily units?
Builders are still building condos and multifamily units because they are more profitable per sq ft than single-family units AND people are still buying them!
2. Have used condos completely tanked in value?
A used condo can be any condo unit that has been previously lived in. No, they have not tanked in value. They still hold great value. The issue is that the older condos are competing with so many of the new condos are they are priced so affordably. The new condos are selling for the same price the previously lived condos are valued at, which drives down the price of the used condos.
3. Are condos good investment properties?
Yes. Buying any property is a good investment. Condo’s can be great for downsizing, for university students and for rentals.
4. What types of properties are considered condos?
A building or complex of buildings containing a number of individually owned units or houses are considered condos. There are apartment, townhouse, and bungalow style condos. A condo is normally regulated by a condo board and maintained by a property management company. Note that some townhouse or multi-family units are not considered condos because they are not maintained by a condo board or property management company.
5. Are there down payment programs for new condos in Regina?
Yes! Select condo developments in Regina are being supported by the Head Start program with Conexus Credit Union who loan up for 5% of the purchase price to go towards a down payment. Contact me for information on this.
6. Do condos allow pets?
Yes. Almost all condos allow pets. Usually, they allow 2 small dogs or cats. Large dogs are unfortunately stigmatized by breed and all pets must be approved by an application. Check with your real estate agent about pet regulations before purchasing.
7. Are condo fees a waste of money?
No. Condo fees are for exterior maintenance, snow removal, and garbage pickup. Depending on the condo- heat, water & electricity can sometimes be included in condo fees which would actually make owning a condo more affordable than a house.
Condos are for people who want low maintenance properties and paying an extra $100 a month in return for never having to shovel a sidewalk, mow the grass, pick up garbage or replace siding/shingles is a fair value to them.
8. Will I hear my neighbours if I buy a condo?
Maybe, if they are screaming or blasting music at 3 AM. Otherwise, you shouldn’t have any issues.
New condos in Regina provide value to so many different kinds of people and families. First time home buyers, new Canadians, seniors, working professionals and perhaps yourself! They are convenient, low maintenance and extremely affordable properties that can provide you wonderful quality of life.
Contact Me
If you have any other questions or would like more information on any of the topics touched here, give me a call at 306-552-7047 or fill out my online contact form.
Kelsey Smith Is Regina’s Choice
Choosing the right Realtor® is key to ensure a positive and successful real estate transaction. Kelsey Smith promises to deliver the education and time necessary to buy or sell your Regina home. Call 1-306-552-7047 and rest easy knowing you have made the right choice.