Condomania living and investing is a popular option for many Canadian as it can be a relatively carefreehousing andÂ real estate investment option. Currently, in major cities in Canada, one out of three new homes built is a condominium. Interest in condominiums tends to grow with a shortage of rental accommodation, relatively low mortgage interest rates, and urban core renewal. â€œNew Real Estate investors intend to buy condos to start investing, since there is very little care requiredâ€ say Navtaj Chandhoke, founder ofÂ Professional Real Estate Investors Group (PREIG) Canada andÂ Â Most major newspapers, Real Estate websites now include a condominium section which recognizes the increasing number of people who already live inâ€”or aspire to live inâ€”a condominium.
Residential condominiums can be high-rise or low-rise (under four storeyâ€™s), town or row houses, duplexes (one unit over another), triplexes (stack of three units), single-detached houses, stacked townhouses or freehold plots. There are even mixed-use condominiums that are partly residential and partly commercial buildings. They come in various sizes with diverse features and they can be found in almost every price range.