Here's a little trivia question for you today.
What is a condo?
a) An apartment
b) A single family home
c) A townhome
d) All of the above.
Canada Mortgage and Housing Corporation defines a condominium as "...a form of legal ownership. Buyers purchase private dwellings in condominium buildings called “units”, and each unit is registered in the buyer’s name."
Before we answer the above trivia question, let's briefly review the major differences of owning a condo vs a house. In our previous post entitled "Edmonton Future Home Owners Ask: What Is Better Condo Or A House?"
We enumerated the 6 main differences; Location, Floor Space, Finance, Homeowners Association and Privacy.
Summing these up, condominium ownership offers owners with advantageous locations but they will have to compromise with the limit in floor space and strictness in finance.
In CMHC's definition, it considers the following as a condominium:
- low-rise or high-rise residential buildings;
- townhouses or rowhouses;
- duplexes or triplexes;
- single-detached houses; or
- vacant land upon which owners may build.
So, basically, all of the above is the answer.
In this tough economic time, investment in a condominium development for rental purposes is one of the few good ways to earn more profit.
Team Leading Edge offers some of Edmonton's most attractive condominium units, the newest listing on the block is this 2 bedrooms, 2 bathrooms at 417 8528 82 Av, Bonnie Doon. For only $215,000 you own this condominium unit.
Note: Remember, you can access all our available Condominiums For Sale in Edmonton through our Edmonton MLS Listings page.
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