If you are deciding between purchasing an apartment or a condo, then there are some financial factors that you should consider before jumping into the buyers pool of a particular property type. Living in a condominium is not the same as that of a single-family house, you would have to settle with the fact that being a part of the community of neighbors is highly important and you would have to work together with them regarding maintenance. For first time property owners with no prior experience this might be the most suitable option as you would not have to go through the hassle of hiring technical professionals for household repairs or manage utility bills on your own.
Condos that are located in coastal cities have higher chances of seeing property appreciation in short period of time due to their high demand. In such cities expats of different backgrounds are likely to settle as it offers them a diverse lifestyle and stable future. If a condo project is being constructed in such areas, being a landlord can be profitable on long term basis as you would be able to demand higher rates from the tenant due to limited units in the area. The project of Xo Condo is in high demand because it is strategically located within Toronto and it is in close proximity to the commercial area. It offers urban lifestyle to the residents so that they are constantly a part of the bustling city and its attractions. You would also be entitled to various outdoor and indoor amenities that are likely to leave a good impression on you for long period of time. Not only would you be able to delegate maintenance tasks to the management groups but also have higher security of your property.