Why are condos selling like hotcakes in Toronto and the GTA?
To say that condominiums have become the new home of choice for most buyers in Toronto and the Greater Toronto Area is an understatement. Even in the face of rising costs, the new condo market is continually robust.
The first reason is, of course, price. The cost of single-family homes has skyrocketed to the point that first-time buyers, in particular, are just not able to afford them. Even with prices of condos rising, they are still typically more financially attainable. People are also coming up with creative ways to afford condos, such as co-purchasing. Parents of college and university age children also often find buying a condo for their kids to live in while attending post-secondary school is more economical than paying for them to stay in a dorm. At the end, these parents have earned equity as well. Just look at how well condo owners who purchased a few years ago are doing. Savvy investors will also tell you that a condominium suite is a great addition to a financial portfolio. The nice thing is that exterior maintenance and amenity repair and upkeep are handled for them.
Lifestyle also has a lot to do with the trend toward condominiums. People of all ages today are just plain busy. Their lifestyles are hectic, so eliminating exterior maintenance from their lives frees up time for family, friends and leisure activities. And in a condo, they have wonderful amenities just an elevator ride away. Today’s beautiful common areas range from chic party rooms to equipped fitness centres, technologically advanced theatres, glorious swimming pools, spectacular barbecue terraces, children’s play centres and more!
Here is another reason – for most people, condominium living is fun. With people passing each other in hallways and meeting in elevators and common areas, they get to know their neighbours. There are so many options for relaxing, exercising and interacting in areas such as games rooms, that the building is truly a vertical community. In fact, condo purchasers have told me they rarely knew their neighbours in their single-family home communities, and that they find it easier to make friends in their building.
The icing on the condominium ownership cake is location. Nowadays, buildings are situated close to public transit and local amenities. In fact, many condo owners do not even need to own a vehicle, which frees up thousands of dollars to put toward their other expenses. There is a certain freedom that comes with being able to walk or hop on a bus or subway to go to work or run errands. Toronto and the GTA locations are all home to superb shopping, cultural venues, schools, parks, recreation centres… you get the picture.
If you are looking for a new home, and even if you can afford a single-family residence, consider a condo for any or all of the above reasons. Around the world, apartments and condominiums are the norm for everyone from singles to young couples, emptynesters and even families. Toronto and the GTA are catching up. Viva the condo!
Barbara Lawlor is president and CEO of Baker Real Estate Inc., winner of the pinnacle 2017 Riley Brethour Award from BILD, and an indemand 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