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I am looking to buy a new construction home in Cambridge, Ontario. Are there any other hidden costs when buying a Preconstruction home I need to consider?
There are lots of detached homes, townhomes and condos reconstruction projects in Cambridge. Even though the purchase price of a pre-construction home might look cheaper than a resale on paper, be sure to budget for hidden costs in new construction such as:
* GST/HST, which the government charges on newly built homes
* Connecting utilities like gas and electricity
* Putting up eavestroughs and downspouts
* Air conditioner installation
* Major appliances — refrigerator, stove, and so on
* Automatic garage door opener
All those upgrades are in addition to the typical closing costs and fees you would pay when buying a home.
Looking for Assignments for sale in Cambridge ? Check out condos, townhouse & detached homes assignemnts listed for sale by real estate agents in Cambridge, Ontario.
Why buy Preconstruction homes in Cambridge?
Cambridge is located in southern Ontario, Cambridge was formed fairly recently in 1973. Cambridge is made up of a former settlement called Blair and several other settlements, including Galt, Hespeler and Preston.
Realestate opportunity for First time home buyers
Lots of first time home buyers are flocking to Cambridge, Ontario because of its affordability. You can buy a detached home in Cambridge for the price of townhomes in Toronto.
Job opportunity in Cambridge
There are plenty of job opportunities available in Cambridge, which brings in people looking for work. Investors should take advantage of this constant stream of new workers by investing in a starter home to rent out to young families. Currently, the largest employer in Cambridge is Toyota Motor Manufacturing Canada, which has over 4,000 people on staff. Consider investing in a home or apartment near Toyota Motor Manufacturing Canada and marketing to their numerous employees.
Cambridge is one of the three cities that make up the regional municipality of Waterloo, Canada. It was created by the amalgamation of the city of Galt, the towns of Hespeler and Preston, and parts of surrounding townships. It is situated in southeastern Ontario and covers an area of 112.86 Sq. km. The city is governed by the Cambridge city council consisting of a mayor and eight councillors representing their wards.
The total population of Cambridge, Ontario is 134,900.
Lifestyle in Cambridge
The city of Cambridge is a growing business centre and lies in Ontario’s heavily industrialized area. It maintains a small town feel while providing a great environment to lead an active healthy lifestyle. The Grand river and the Speed river both run through Cambridge meeting on the west end of the city. The rivers and green spaces provide a pleasant tranquil environment whereas the events and festivals maintain the vibrancy of the city.
Festivals in Cambridge
Cambridge Arts Festival
Christmas in Cambridge Festival
Forbes Park Music Festival
Mill Race Folk Festival
Canada Day Celebration
Leading Neighbourhoods of Cambridge
Downtown Cambridge/ Galt City Centre
Hespeler/ Popcorn House
House Market of Cambridge
Ontario real estate is thriving and Cambridge is no exception. Cambridge house market is currently a sellers market and is projected to remain a sellers market in 2021. Increasing demand, low interest rates and shortage of housing supply is boosting the house sector on an upward trajectory. The city offers a wide selection of properties whether it is a luxury home or Condo apartment.
The average selling price of a house : $632K (across all property types)
The median price of house : $457K
Most popular dwelling types in Cambridge
Single family detached homes
Affordable Housing (As compared to other nearby cities)
Convenient Public Transport and Commute Services
Recreational Facilities, Parks and Green Spaces
Mortgage and down payment details
Mortgage rates in Cambridge tremendously differ depending on mortgage tenure, lender, mortgage type, mortgage insurance and down payment. There are plenty of local brokers who can assist you seal the best deal. The standard down payment is 20% of the purchase price of the property.
As for the minimum downpayment,
In order to receive a Cambridge mortgage, you must pay at least 5% down payment.
Down Payment below 20% will require you to obtain mortgage insurance.
Weather of Cambridge
Cambridge has a cold and temperate oceanic climate. The climate of Cambridge is considered to be Dfb according to Köppen-Geiger classification. It has pleasant summers whereas quite cold, and rainy winters. The sky is partly cloudy throughout the year and it experiences a significant amount of rainfall throughout the year. It has around 37.6 snowfall days on average.
Cambridge is a small-town with endless opportunities. It provides easy commute services to the nearby big city Toronto. It is a growing business centre and highly industrialized area. It is home to hundreds of manufacturing companies providing thousands of job opportunities. Even with all these exceptional facilities, Cambridge is reasonably affordable in terms of living cost.
Major expenses outlook:
The average rent for One bedroom apartment in the city centre : $1,463
The average rent for One bedroom apartment outside the city centre : $ 1,254
The average monthly cost of living for a single person : $2,014
The average monthly salary : $3,409
Family Life and Education
Cambridge is a very liveable city with affordable housing for families. It is a culturally rich and diverse city perfect to raise a family. Although it is a small city, it provides convenient access to all the essentials ranging from quality education, health facility, public transportation, eatery options, parks and green spaces, recreational amenities.
Popular Academic Institutions
St. Augustine Catholic School
HillCrest Public School
École Secondaire Père-René-de-Galinée
St. Benedict Catholic Secondary School
Preston High School
Heritage College and Seminary
Cambridge is a beautiful small city loaded with history and charm. It has many hidden gems which are sure to amuse anyone. It offers plenty of green spaces, trails and parks, natural scenic beauty, cultural attractions and many more recreational facilities. Here are some of the wonderful weekend destinations in Cambridge:
Cambridge Butterfly Conservatory
Mill Race Park
Hamilton Family Theatre Cambridge
Cambridge to Paris Rail Trail
Cambridge Centre for the Arts
Do you live in Calgary and looking for preconstruction homes in Calgary. There are over 45 New construction homes available on homebaba.