by admin Condo prices are steadily rising in Canada, but these prices are skyrocketing skyward fastest in Brampton. Furthermore, real estate experts expect the prices to keep going up. Therefore, it is best to understand the reason for this upward trend to make informed decisions when you choose to buy a condos in Brampton.
Various reasons explain this trend, and in this review, we will review the top 10. They include:
1. Ideal Location
One of the main reasons you’ve noticed the steady rise of condos in Brampton is location. The condos are located in the city’s heart, where all the entertainment, business, and drama is. As a result, property taxes are high, and utility costs are relatively expensive.
People always wish to move to a convenient place, and what other place offers this convenience than Brampton? In addition, the city features some of the best education institutions, such as Sheridan College. This makes it ideal for those who wish to start and grow their families.
There is also a wide range of work opportunities in this city. It is easy to find a suitable and well-paying job within the home radius. This way, you will not struggle to get to work because of the great transportation system.
The proximity to city life makes the place appealing for many potential home buyers. Living in a place close to your workplace will save you a lot of money in fuel and other maintenance costs. Also, living in Brampton makes it easy to enjoy services from the best restaurants, entertainment spots, and shopping centers in Canada.
It is the convenience of these homes that result in higher condo prices. However, you’ll find that the demand for these condos keeps rising, and the ideal location of the homes corresponds to an increase in their value. This makes buying a condo in Brampton a worthy investment.
2. Quality Condos
Developers in Brampton have a reputation for building improved, convenient, and eco-friendly homes that are an attractive investment option for most residents. The obvious reason for the rise in Brampton condo prices is the rising demand for these units.
You’ll find various condo communities that feature the latest home designs and improved technology. This makes it convenient and comfortable to live in these units. People want value for their money, and the best way to do that is by investing in a quality home.
There are a couple of projects that show the quality of condos in Brampton, such as;
- Duo Condos – a new condo project located at 245 Steeles Ave. the pre-construction project consists of a two-tower story condominium. This allows the project to have varied layouts and host many units.
- STELLA at Southside – a promising condominium community full of potential located at 209 Steeles Ave. This 21-storey high-rise project provides the ideal urban environment filled with various transit options.
- Symphony condos – a project designed to feature 182 units in the 21-storey tower. This community is located in downtown Brampton, with the most exciting parks and conservation areas.
- Cocoon condos – has a total of 132 units and is located at Goreway Drive. Castleridge Homs is the proud developer of these welcoming and revitalizing condo spaces.
3. Reliable and Improved Transport Network
Most people love Brampton because it is a well-developed city that provides its residents with a reliable transport network. This way, the residents can move freely within and out of the city and enjoy the convenience of choosing different modes of transport.
One of the reasons this city stands out is the urge to innovate and improve the already impressive and reliable transportation systems. For instance, the GO Transit, a combination of various train and bus lines, is the ideal option for commuters working in Toronto.
The condo developers take advantage of the reliable transportation systems and build units around them. This is a strategy most use to increase the demand for their homes. They observe the general rule of thumb stating that the closer the property is to a transport system, the higher the price.
Since Brampton features a reliable transport network throughout the city, almost all condos are strategically located and have good access to these systems. Studies also show that residential homes near public transit will remain attractive to home buyers.
Don’t forget that the improvements the city of Brampton does to its transport infrastructure boost these prices. Take, for example, road and rail extensions that make other areas more viable options for commuters.
Transportation plays a huge role in real estate, including the value of the condos. Brampton’s reliable and convenient transit options make the area appealing to home-buyers, leading to an increase in demand. So it’s a no-brainer that the increase in the demand for these units corresponds to higher condo prices.
4. Improved Security Features
Brampton is a very safe city to live in, thanks to the improved and reliable security features placed within the city. In addition, the area has a low crime rate than other Canadian regions, making it the ideal place for your family and pets.
The city of Brampton wishes for this to be the case and are constantly updating their security features to make residents feel safe. Condo developers have also adopted this strategy, including the latest CCTVs, and other security equipment in their projects.
These reliable home security systems increase the condo’s value. However, the main issue that most developers face is the rapidly improving nature of technology. These security systems are advancing by the day, and these builders have to incorporate them in their projects to keep up with the competitor.
Most of these improved safety features cost a fortune, and the condo developer has to spend more acquiring them. This later leads to an increase in the prices of the condos.
Studies show that security is one of prospective home buyers’ main factors to consider before purchasing. As much as they don’t guarantee against crime, these systems provide the condo with an additional security layer. People want systems to prevent break-ins that might cost them a fortune.
5. Eco-friendly Homes
The world today is facing climate and global warming issues, and many governments, including Canada, are encouraging the creation of eco-friendly condos. Eco-friendly homes are more sensitive to the environment as they cause less pollution.
These green homes are low-impact homes designed and built using technology and materials that reduce their carbon footprint. An eco-friendly home’s main features are thermos-insulation, eater conservation, cost-effective energy sources, and many more.
Developers in Brampton have to spend more building eco-friendly condos than the traditional ones. They have to go the extra mile and import products and building materials that might not be locally available, leading to a higher construction cost.
One of the disadvantages of eco-friendly homes is that most contractors find it difficult to work and operate green building materials. This forces them to hire experts to help them out, and there are not many in Brampton. However, the higher demand and less supply imbalance lead to an increase in the wages of these skilled people.
Also, the completed green homes are more convenient and save you money on water, electricity, and other bills. If you wish to enjoy the convenience of these homes, then expect to pay more when buying your unit.
The initial cost of building a green home is very high, and above are some of the factors that lead to that. This then causes the developer to charge more for their condos.
6. High Population Growth
According to Canada’s 2016 statistics, Brampton is the second-fastest-growing city in the country, and its population surpassed the half-million mark. The main reason behind these impressive numbers is that the city is vibrant, has a great collection of amenities, and is very convenient.
A rise in population in the city leads to a higher demand for condos, which is the perfect manifestation of how real estate thrives on supply and demand. Relatively high demand for these homes leads to bidding wars with interested parties trying to outbid the other. The general marketing principle explains that when more buyers enter a market, the demand increases.
Therefore, the population movement to Brampton city and the fewer people per household rate means the city needs more housing supply. This is one of the reasons you’ll find most pre-construction condo projects are fully booked and paid for.
Population and housing prices have a two-sided relationship where a higher population growth turns the pendulum to the developers’ advantage. However, the city of Brampton also benefits from the rising numbers in that more infrastructure is required making the area begin to expand.
The population of this great city is expected to keep growing significantly in the coming years, and this offers condo developers a ready market for their units. But unfortunately, the homeowners end up paying more for the units due to the many bidding wars from the interested parties.
7. Inflation
Another obvious reason is inflation, which affects almost all economies. A condo built five years ago costs less than an identical one built today because of inflation. Real estate prices rise when high inflation rates hit the economy. The simple explanation being the developer spends more buying building materials and transporting them.
Inflation also causes construction costs to rise. The developer has to cope with the effect of these rates as they make the machinery costs, wages, and other services expensive. Therefore, the best way for the developer to make some profit from the project is by increasing the condos’ prices. Which in turn affects the overall condo productivity in the region.
A strong inflation rate affects those applying for a mortgage to purchase these condos in Brampton. The mortgage rates tend to move with inflation; therefore, they will also rise. This then leads to an overall higher cost of purchasing the property.
Also, inflation leads to a high cost of borrowing, and the terms aren’t favorable for the contractor. Studies show that most contractors rely on loans to build these condos, and an increase in these rates corresponds to a spike in property prices.
This is also the case for those who wish to rent the amazing condos in Brampton. The owners of these homes take this rate into account to determine how much rent they are to charge. Generally, a landlord’s main objective is to ensure the rental charge keeps up with inflation.
Inflation isn’t always bad news for real estate investors. The upside of a higher rate is a significant increase in asset prices. As the price of other things rises, so does real estate.
8. The Need for More Space and Customizations
Home developers in Brampton are coming up with new condo designs and making customizations to satisfy their clients’ housing needs. These improvements include introducing the latest security systems, heated bathroom floors, and others.
The main aim of developers making these customizations is to create units where their clients feel at home. This involves changing their standard plans or using upgraded appliances and equipment.
The developers consider various customizations, such as changing the exterior and interior designs. The exterior customizations are relatively cheaper because they involve opting for different styles using the same building materials.
Also, a good condo developer understands the importance of modifying HVAC and utilities. This extensive process involves various customizations to the heating, ventilation, and air conditioning system.
Developers in Brampton understand how the world has revolutionized to a digital era that has led to an increase in the number of electrical gadgets per household. Therefore, they have to ensure enough electrical outlets for their clients to use. Furthermore, these outlets must be placed in convenient spots for ease of usage.
These and many other home customizations tend to be expensive, resulting in a higher price tag when purchasing or renting the condo. The benefit of buying a well-customized home that features proper functioning and reliable equipment is much expensive to maintain.
9. New and Improved Utilities
One of the benefits of buying a condo in Brampton is unlimited access to various utilities and social amenities. Of late, most developers introduce new and improved infrastructure in their projects and equip them with the latest technology. Wouldn’t you want to live in a place where everything is ready and set for you?
The contractor then has to charge the usage of the utilities by dividing the amount among the home buyers. Upgrades such as installing the latest security systems make the price of the condo rise. Some homeowners might choose to have their private amenities. The more continent the condo is, the higher the price.
One advantage of living in condominiums is reduced maintenance to social amenities. Most complexes feature unique amenities that attract potential home buyers, which must be maintained and properly managed. It depends on the type of amenity, but most of them require the owners to contribute to its upkeep.
Utilities such as swimming pools are expensive to install and maintain. In addition, the cost of running such amenities is higher, increasing the monthly fees. This has made many people forfeit such utilities while building their homes.
Also, studies show a steady rise in the cost of using utilities in Brampton. So if you decide to live in an area where these amenities are expensive, expect to pay more for the condos.
10. Breathtaking View
Condos are high-end properties that feature a majestic view. Buying a condo in Brampton gives you access to the amazing sceneries. The city is also referred to as the ‘Flower City’, where you’ll find some of the best parks and hiking trails. One of the famous conservation areas is the Heart Lake Conversation Park, which has an amazing view of the city’s natural vegetation.
These condos have the perfect view of the skyline’s flickering lights. Nothing can beat condos if you wish to wake up daily to a nice and comforting city view. However, remember that the condos located near these attraction sites have a higher price tag than others.
Living in the luxury condos allows you to experience Brampton’s best autumn views. You’ll cherish the sight of the cool crisp air. All you have to do is grab your warm drink and go and experience the perfect life adventure outside your condo.
There are also various golf courses within the city to go and have a good time with family and friends during the weekend. A good example is the Peel Village Golf Course, which features dozens of trees that give the area a breathtaking view.
The beauty of living in such beautiful sceneries comes at a price. Developers tend to charge more for condos offering such breathtaking views.
Conclusion
There are many reasons why condo prices in Brampton are going up by the day, and this is the most appropriate time to invest in one. The city has a growing population that presents a huge demand for units. This article gives you insight into this upward trend. Use it to find the ideal home as you buy your condo in Brampton. Why wait for later when you can act now?