The time to buy a new single-family home is all in your favour. Even the recent pandemic could not contain the sales growth in the housing market of the country. Take the national stats from CREA, when it registered some 714,516 units (seasonally adjusted and annualized) only in December 2020. The results showed a growth of around 7.2% on a month-over-month basis.
Marking this huge jump after witnessing such a dip during Q2 is
one big sign that it is the right time to buy a new home for your family. The
prices would soon go even higher, and it is also expected that interest rates
would also increase later this year.
Besides this one factor from CREA's statistics, I will outline five other factors to justify buying a new single-family home rather than buying a new condo.
Keeping in mind that COVOD-19 will stay with us, people prefer spacious homes rather than living in small condos. And what better you could get than a single-family bungalow.
These spacious places will serve multiple purposes, including; keeping you away from the outside noise, give your children a room to plan in the yards, and accommodating considerable car-parking space.
If you have been living in a condo, you would know the pain involved. You need permission from building management to renovate your own space, share a common entrance, lobby, and escalator, and get a limited parking lot.
On the other hand, when you live in a bungalow, you do not need permissions to renovate (other than the local authority) and can upgrade your house as you like.
Even before coronavirus, these single-family homes have been appreciating at a much faster rate than a condo. And after the virus, their prices are like on fire. One of the key reasons is their higher demand and lower supply. Even the Royal Bank of Canada has a similar thing to say:
Demand remains supercharged. And while new listings increased modestly in December, supply is as tight as it's ever been, especially for single-family homes. That's keeping home prices on a solid upward trajectory and sets the stage for even larger gains in the near term.That means that if you plan to resale the house in the future, you could expect a much higher return than investing in a condo. According to some researchers, Canada's housing market expects a further uprise in prices by 10% during the first quarter of 2021.
These single-family homes always come with big-sized yards. Your kids can play, you could work out, or even arrange a late-night party. What else you need!
Since these properties are in high demand, it gets more comfortable for you to sell a single-family home. Even renting them (in current times) is much easier than renting a condo. The Financial Post has something similar to say:
The 132% surge in supply sent rents tumbling in Canad's financial capital, one of the country's priciest cities for housing. The average rent for a one-bedroom condo fell almost 17% from a year earlier to $1,845 (US$1,453), while costs for a two-bedroom unit dropped about 15% to $2,453, according to data released Wednesday from the Toronto Regional Real Estate Board.
It goes without saying that single-family homes have always been a top priority for home buyers. Even if the market is not paying huge returns, we all love to live in big places rather than living jam-packed with unfamiliar faces. These are an investment of a lifetime.
If you are still unconvinced to invest in a single-family bungalow, I highly recommend talking to one of our real estate agents. They would not only answer your queries but would also help you find your dream home.