The condo market in Regina is questionable, at best. Since 2013, Condos in Regina have been overbuilt. By overbuilt, I mean the local home builders have built more inventory than there was demand. Sure, the current multi-family unit building has slowed down but if you take a drive through any one of Regina’s new neighborhoods, you will see townhouse style and apartment style condos going up on every corner. This can only mean one thing: people are BUYING these condos in Regina. The home builders would have gone out of business by now if they weren’t successfully selling their inventory.
There are a ton of perks that are associated with condo living! Of course, are some downsides, like being too close to your neighbors but that doesn’t seem to be stopping the buyers!
1. Condo’s Will Forever Be Low Maintenance
Condo owners are not responsible for exterior maintenance. You should never have to shovel snow, rake leaves, cut the grass or maintain the grounds. Residents will never have to worry about replacing sidewalks, siding or shingles. These are the perks of owning a condo. Interior items such as plumbing, or a furnace are the owner’s responsibility but the overall costs become much lower when you don’t have to worry about those big repairs (siding, singles, concrete repair etc). You also don’t have to worry about garbage removal! Just toss it in a bin and the property management company will come pick it up once a week.
2. Less Is More!
Society is starting to see a shift. People aren’t collecting ‘things’ anymore. Millennials are no longer collecting crystal glass sets or silver. I remember reading an article that stated we live in an “IKEA” age where people are buying miscellaneous decorative pieces instead of collective pieces. The popular look today is simple and minimalistic. Sparsity is in and clutter is out! Condos in Regina often have less square footage than a house so having less ‘stuff’ is ideal for these types of homes.
3. Condos In Regina Are Super Affordable
Right now you can buy a brand new townhouse or apartment style condo for under 300k. These units in Pilot Butte are a really good example and they even offer down payment assistance. In all areas of Regina, you could find a nice 3 bedroom, 2 bathroom style condo to suit your needs probably in that 250-270k range. It could be a brand new unit or it could be 10 years old. If you are considering purchasing a condo, there is no shortage of inventory with a variety of finishes and price ranges.
“Condos In Regina Can Make Great Rental Properties.”
4. Condos Are Being Built In Highly Accessible Areas
Condos are built in popular areas with plenty of foot traffic like Harbour Landing or The Towns. There are probably 500 condo units within walking distance of London Drugs, Walmart, Co-op and many restaurants. The new neighborhoods are starting to cater to this shift in culture because people want to get in and out of the grocery store in 15 minutes, including the time it takes to drive there. Condo’s that are built in the middle of heavily populated areas are fantastic for business people who work downtown. They make getting to the office convenient and offer a certain kind of lifestyle.
5. People Buy Condos Regardless Of The Fees
There is a misunderstanding when it comes to condo fees. Condo fees are an additional monthly payment on top of your mortgage. The condo fees contribute to the reserve fund and pay for all of the maintenance you would otherwise have to do yourself.
For example, the Stockton Ridge condos in Lakeridge located on Child Avenue have condo fees of approximately $220.00 per month (per unit). Included in those fees are common area maintenance, external building maintenance, lawn care, sewer, snow removal, water, insurance, and garbage. Water is a 90-130$ bill on its own, so you might actually be saving money by going with a condo. This condo board pays for a portion of the property insurance and it’s not uncommon to see heat or power also included in condo fees.
Despite the overbuilding, people are still buying Condos in Regina
Despite the overbuilding people are still buying condos in Regina which must mean they continue to offer a convenience and ideal living situation for people. Condos can be a good start for first-time buyers or single individuals who want to buy into the market. It doesn’t really matter what your story is, if a condo works for your lifestyle then that is all that matters.
Contact Me
If you'd like, I can provide a list of condos in Regina for sale and more information on condo fees or reserve funds. Just give me a call at (306) 552-7047 or send me an email with my online contact form. I'm always happy to help!
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.