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Have you purchased, or are thinking about purchasing, a condo unit in the Brantford real estate market? Such a purchase is a major investment, and it may be one that pays off for you in the future. Let's take a look at the condo market, and factors which influence it, in Brantford as compared to nearby cities in Ontario.
Just shy of 100,000 people, Brantford is one of the smaller cities in this part of Ontario. This influences the market in several ways.
First of all, don't expect to find major developments such as Fashion House condos in Brantford. The city core remains accessible to all residents, so the need for high rise residential buildings complete with state of the art amenities is not nearly as great as in places such as Mississauga and Brampton.
That also means that condominium prices in Brantford are not nearly as high as they are in the larger cities of the Golden Horseshoe. If you are used to the outrageous prices that King West Village condos command just to the east, you will be relieved to find the market in Brantford a much more affordable one. Of course, this also means that you can't expect your home to increase in value at quite the rate it might if it were located in Oshawa, Toronto, or one of the bigger cities.
While the market for condos in Brantford may not ever reach the levels of hysteria currently being seen in cities to the south and east, owners can look forward to increased value as those markets push residents out. Expect to see more buyers coming to town, attracted by simpler buildings without the high monthly fees. Those who can only expect to afford a condominium for rent in Toronto will likely be tempted by the opportunity to buy in Brantford.
The economy in Brantford has always been a major concern for those looking to buy real estate. It was not long ago that the city was at the heart of one of the most economically depressed areas of the country, as many of its foundational businesses began to founder and go bankrupt.
Today, however, the economy of Brantford appears to be on the upswing. In contrast to cities such as Windsor, this means that home values are on the rise and condo owners should see a good return on their investments should they choose to sell. Inclusion in the Golden Horseshoe area and the relocation of several corporate headquarters means that condo prices in the city should be on the rise.
Scarcity on the Market
One of the biggest things that condo owners in Brantford have going for them is that condos in the city are relatively rare. Those moving into the city are well aware of the benefits of condominiums, and are used to having a wide range of choices. They have become accustomed to condo complexes blanketing downtown areas, from Queen to Merton street, condos are a common sight in southern Ontario.
Not so in Brantford. Condo developments are still relatively scarce, and finding a unit for sale can be a bit tricky. This is good news for current owners, who won't have to worry about their units being on the market as long as they might be if we were talking high-end luxury condominiums. And that, of course, is one of the best indications of a sound investment in the real estate market of all.