Naveen  Vadlamudi

Naveen Vadlamudi

Broker, ABR®, SRES®

ROYAL CANADIAN REALTY, BROKERAGE*

Mobile:
416-837-9696
Office:
905-201-0727
Email Me

Tips to buy a new House or Condo in Durham


Finding and buying a New Home or a condo that will meet your needs is a significant and often stressful time. Our goal and mission are to make this transition as smooth or easy as possible. We are experts in the area.

Before you start looking for a “New House for sale” or “New Home for sale”, you asked yourself a few questions:

  1. Where do you want to live? Are there particular communities or neighborhoods that you like.
  2. Need: What kind of houses would you like? Are you looking for a particular style? How many bedrooms and bathrooms do you want in your new house?
  3. Is a home office a necessity? Do you need a flex-room or bonus room?
  4. Do you like entertainment often? Is a home suitable for entertaining something you are looking for?
  5. Do you want a pool; yard gated or guard gated community?
  6. Have you determined your price range?

Now: WHICH IS A BETTER BUY A CONDO OR HOUSE

Buying a house or a condo, it is one of the most debated questions in real estate. But the truth is the “better buy” is always whichever option is the best for your lifestyle and budget. You can easily decide on what is right for you by reflecting and asking yourself two simple questions.

What does my Lifestyle Need?

Condos and houses have different advantages and disadvantages but it very easy and so simple to identify which you may be more comfortable in over the other. Condo buyers usually like being close to their workplace or entertainment. They don’t want to spend much time on maintenance and don’t mind sharing common areas. Some months ago, the typical condo buyer was younger, without a wife and empty nesters, and older couple hoping to downsize are also major condo fans.

On the other hand, the typical house buyers having family want privacy and more space. They can spend time and money on maintenance. They may be waiting to commute longer to work to live in their dream house.

 

What Fit my Finance?

The overall cost of a condo versus a house can be varying greatly. Although in most cases, the cost per square foot in a house and a condo may be similar, however, the ticket price of a condo is still less than a house. However, it should also be noted that the price of condos is increasing faster than a house day by day. Remember, both condo and house buyers must consider the new mortgage regulations set by the office of the Superintendent of Financial Institutions Canada (OSFI). Canada’s new minimum qualifying rate for uninsured mortgages means that purchasing power is reduced and homebuyers may not be able to afford the same house they wanted last year.

Advice for Home Buyers:

Are you Worried Interest Rate will Rise?

Mortgage rates are affected by various things, but the first of all-one determining factor is the Bank of Canada overnight rate. So keep it in mind, homebuyers should not be left completely empty-handed after making their mortgage payment. They should still have money for ongoing expenses and unexpected expenses during emergencies. In fact, they should be financially prepared if the mortgage rates increase or expected to increase.

You are nervous about getting into a bidding war:

Although sale prices in Durham for homes have seen a reduction in early 2018, so it was also expected that the supply of homes for sale will remain low, which could mean competition running high.

 According to the last update-03/01/2020, the real estate market opened 2020 with prices and sales volume at higher levels than the last year and last month in Durham Regions. This is unusual very much, as prices normally follow a pattern of peaks in the spring season and lows in the winter months. The volume of sales has also picked up high in places, which is an indication of the number of buyers.

 

 

Advice for Condo Buyers:

Are you torn between buying a pre-construction condo or a resale?

A pre-construction unit may seem appealing if you are into creating your dream home from scratch and making some important modifications. If you have the patience and you are not in a rush to move in, it could be the right option for you.

Pre-construction condo for sale, on the other hand, used to cost less than existing condos in the same neighborhood. If you are looking for VIP & Platinum Access to condos for sale in Toronto or Condos for sale in Ontario, You can also visit our new website for great condos www.gtarealstar.com


 

 

Scroll to Bottom for Last Update- 03/01/2020

The real estate market, in the region of Durham, opened 2020 with prices and sales volume at higher levels than the last year and the last month. The prices normally follow the pattern of peaks in the spring and lows in the winter, this is unusual. The volume of sales has also increased up in pace. It is an indication of the number of buyers that are now taking actions as the market tightens. In Durham, prices increased by 13.5% since January 2019 and it rose 2.4% since December 2019.

The latest market statics show the average Durham property at $655,781 – up from last month’s $640,269 by $15,512(+2.4%).

 

 

 

 

 

 

 

Let’s Have a Look on the Last update-03/01/2020

Durham Region - Residential Feb 1-29 2020

           

City

Average

DOM

Units

SP/LP

Detached

Semi

Town

Condo Apt

Active

Units/D

MOI

Clarington

620,499

19.9

152

99.70%

674,706

491,667

490,785

404,851

251

5.24

1.6

Oshawa

576,037

14.9

287

101.90%

624,121

463,893

528,254

345,500

240

9.90

0.8

Whitby

723,633

13.7

158

101.60%

790,084

607,500

619,640

472,200

177

5.45

1.1

Ajax

730,278

10.9

129

102.40%

791,757

665,375

639,239

409,750

109

4.45

0.8

Pickering

746,265

13.2

85

102.00%

907,136

665,000

662,717

535,042

148

2.93

1.7

Scugog

726,863

42.1

27

98.30%

745,185

     

82

0.93

2.9

Uxbridge

823,665

33.9

17

97.30%

949,400

608,750

625,000

 

91

0.59

5.1

Brock

458,992

49.9

12

97.80%

499,290

     

63

0.41

5.0

Durham

658,300

16.5

867

101.30%

718,870

527,728

589,841

445,850

1,162

29.90

1.3

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GTAREALSTAR from Royal Canadian Realty Brokerage is a real estate Brokerage company based in Ontario, Canada. The well-established company has many years of outstanding experience in the Real estate Industry. The company focuses on being the "straight talking property people" offering a completely jargon free service. GTAREALSTAR use the latest software solutions to improve their service to their customers on a daily basis. GTAREALSTAR offers online access to website twenty-four hours a day, they even offer electronic signing. The company offers sales and rentals combined with first class service and support. Call Naveen Vadlamudi @ 416-837-9696.

Never too late to find your dream home. For available properties, visit http://www.gtarealstar.com. Call Naveen Vadlamudi @ 416-837-9696 Now.

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