Despite the rumours surrounding the "real estate bubble," there is one thing that is certain; lenders are tightening their belts and imposing greater restrictions on both consumers and developers. For those that aren't aware of how the process works for a new construction condominium, here's a quick lesson: Developers in Canada need to sell 75 per cent of a project in order to get their financing. In Canada, basically, not enough sales means no money therefore in some circumstances, no project. So where does that leave investors?
Since the early 2000s, condo development has helped change the skyline in Canada. People from all demographics are choosing to live what I refer to as "the condo lifestyle." If you are thinking about joining this growing crowd that prefers parking underground and chooses location over square feet, here are some tips to implement while shopping for your next home.