Have you ever lived in a condominium unit? For many years, NAR urged HUD to finalize changes to the previous rule that would ease restrictions on FHA financing for condominiums, thus enabling more first-time buyers, older adults, and low to moderate-income families to achieve the dream of homeownership.
New condo prices in the Calgary area continue to drop as the region unwinds a glut of inventory that hit the market during the oil crash and that, along with ongoing economic pressures, is expected to keep a lid on price growth for the foreseeable future.
Utilities will fluctuate, once in a while we’ll see snow removal costs lower than expected, sometimes we can find a better price on repairs, but generally, the price for almost everything keeps going up (if nothing else, remember that your property gets older every year!).
For example, the certificate contains items like the names and addresses of the property manager and the officers of the condominium corporation, the financial standing of the corporation, the reserve fund balance, whether any major capital expenditures or increases in fees are planned and if there are any lawsuits pending against the condominium corporation.
WhatÂ allÂ condos have in common is that they share common areasâ€”such as yards, garages, tennis courts, swimming pools, recÂ rooms, or gymsâ€”with other units that the condominium ownersÂ don’t have to maintain themselves, making home upkeepÂ that much easier.