Condo Market : There Is A Condo In Your Future!

With the widespread appeal, relative affordability and increase in choices of condominiums across the Greater Toronto Area, I feel confident in saying that the title of this column is true for a large percentage of our population.If you are an empty-nester and/or retiree, you likely agree. Baby boomers are aging and retiring at unprecedented rates. For many, single-level living with no exterior and common area maintenance seems like a great way to accommodate their current needs. This market has long been attracted to condos for those reasons. Today, there is the added benefit that they can cash in on the equity they’ve built up in their lowrise homes and bank enough to travel and enjoy life.If you are young, you may wonder why I am so certain that there is a condo in your future. The market has been flooded with first-time home buyers who understand the wisdom of owning rather than paying out high rents. Nowadays, with lowrise prices being unattainable for most first-time purchasers, they have turned to condominiums as the affordable choice. You also have a couple of things in common with older buyers. For one, you all desire the time freed up by having maintenance taken care of for you. Today’s young professionals are frantically busy, and leisure time is elusive.For another thing, all condo owners appreciate having beautiful amenities under their roof and on their rooftops. This eliminates long drives to fitness centres, recreational facilities, banquet facilities and even theatres. When all of this is just an elevator-ride away, the convenience is incredible. Even those who purchase the most compact of suite in a residence can still entertain friends in the building’s theatre, party room, billiards room, rooftop garden, etc. Condos are also located close to public transportation; many are in downtown Toronto. Urban professionals who live there have a quicker work commute, and some may even be able to walk to their place of employment.Single women and families also thrive on the knowledge that condo living is relatively safe, as there are security measures built in, along with having the concierge there to keep track of who is entering and leaving the building. Families are grateful that Toronto and the GTA have good school systems, and every municipality is dotted with natural areas such as lush parks. Even in the heart of Toronto, you can walk your dog and take the kids to the park to play.Consider, too that some parents are buying condo suites for their grown children to live in while attending university, and then selling them at a profit later on. Investors have taken to condos as part of their financial portfolios and contribute to the need for rental options in the city. The demand is so strong, that condominiums will be extremely desirable for years to come.I may not be a fortune-teller, but after many years in the industry, I feel confident saying that whatever your life circumstances at the moment, there is probably a condo in your future.BARBARA LAWLOR is president and CEO of Baker Real Estate Incorporated and an in-demand columnist and speaker. A member of the Baker team since 1993, she oversees the marketing and sales of condominium developments in the GTA and overseas. Keep current with The Baker Blog at blog.bakerrealestate.com