The condominium market has ido rising steadily in recent years. It is possible, however, that one or more CEA participating insurers (who sell and service our policies), as well as other insurance companies, may declare a moratorium on new sales of their own insurance policies (e.g., homeowners, condominium owners, or renters insurance that covers the risk of fire) in the affected area after an earthquake or other disaster, so if you reside in an area that has been affected by a recent earthquake and are interested in purchasing homeowners or other property insurance, we recommend you contact the property insurer to see if they have issued a moratorium on the policy types they offer.
It helps to ask condo associations and even condo residents about the property you’re looking at. Better to find out about issues before you’ve bought the condo and moved in. You want to make sure thatÂ you’re buying the right type of property for you Condos aren’t better or worse than other housing types.
However, with today’s urbanization, the dynamics of an ideal homeâ€ has changed significantly as a variety of size, style, structure, and form are now offered by several residential developers via apartments, townhouses, house and lots, and condominiums.
If the unit is not yet registered, specify that your offer is based on the documents (draft declaration and description) forming part of your agreement of purchase and sale and is conditional on registering the unit under the Condominium Act before the closing date.
The number of home sales in the downtown core, when you include new and resale condominiums in the mix, greatly exceeds those in the other parts of Toronto and also experiences more competition from buyers helping to drive up the prices for real estate in the downtown core in general.