In this era of low interest rates, it's a question that's become increasingly relevant: why rent when you can own?
That said, if owning a home were so simple, we'd all be owners. Couple the fact that both single-family homes and condominiums are progressively increasing in price with the fact that people -- whether singles, couples with young families or retirees on a budget -- have to get by on modest incomes, owning a home is easier said than done.
Unless, that is, someone makes an effort to bring an affordable housing option to the market.
Enter Century 21 Advanced Realty's Geoff and Regan Archambault, the husband-and-wife team marketing Vesta Condominiums. Located at 578 Agnes St. just off Sargent Avenue, Vesta -- a solidly built, red brick building that dates back to 1914 -- houses 20 one-bedroom condominiums ranging in size from 500 to 600 square feet in size.
Geoff said they undertook the project with one primary thought in mind.
"We wanted to bring something affordable to the market -- not everyone can afford to pay $150,000 or $200,000 for a starter home," he said. "We wanted to provide an alternative to renting."
The price structure at Vesta is simple -- the smaller the unit, the more affordable it is, with the most compact suites starting at a very affordable $77,800. Go up to the largest unit and it tops out the pricing scale at a reasonable $100,800.
Consequently, the smallest unit comes in a $463 a month combining the mortgage payment of $291 with the condominium fee of $172. Meanwhile, the largest unit comes in at $585 with a mortgage of $375 and condominium fee of $210.
"If you were to rent the smaller unit, it would cost you about $625, while the biggest unit would cost $725," he explained. "With zero money down, we figure that monthly payments could be in the area of $600, including mortgage, taxes, condo fees, heat and water. I think that's something to consider."
Another factor to consider is that each unit -- they're not fancy, but offer solid comfort -- has been renovated in key areas, added Archambault.
"Suites have been renovated to contemporary standards. This includes brand new appliances, new cabinetry, countertops, fixtures, flooring and carpet. The windows are also new, and extra storage is available in spacious storage lockers. To keep costs down, the finishing materials aren't high-end, but are a good quality, such as laminate countertops and maple veneer cabinets."
Archambault said Vesta should appeal to a broad range of people from students to singles, divorcees or retired couples on fixed budgets.
"If you're busy with work and don't have time to tend to a traditional home, a condominium makes sense -- you don't have to worry about maintenance and can come and go as you please.
Most important, Vesta provides people with an option where they can live worry-free, and affordably. It's a perfect spot for people working in the neighbourhood, downtown, at the Health Sciences Centre, or students (U of W)."
He also hopes resurrecting the building will also help revitalize the area.
"The West End is an up-and-coming area," Archambault said. "Over the past few years, there's been a good deal of revitalization, with several buildings undergoing rehabilitation and conversion into condominiums (on Victor Street and Maryland Street). It's an area that's improving -- there's always lots of people walking around, it's not a bad area at all. We hope a project like this can bring more pride back to the area by promoting affordable home ownership."
To find out more about Vesta Condominiums, visit www.vestacondominiums.com or call Geoff at 997-1761, Regan at 995-1761.
