A larger proportion of GTA residents are living in condos than ever before.
According to the 2016 census, one in five households in Toronto now live in condos – and that number is only expected to increase in the future.
With today’s ever-rising real estate prices, condominium units are an appealing option for people who cannot afford homes. But depending on the age group, there are other reasons why condo living is so appealing, too. Let’s explore them!
Unfortunately, for most new graduates or young professionals in the GTA, dreams of owning a home in today’s real estate market are just that: a dream. With MoneySense’s recent report that the average price of a home in the GTA is $1,054,965, it’s understood why first-time buyers are more likely to consider a condo. On average, a one-bedroom unit in Toronto is $485, 322, or less than half the cost of an average home.
The condo’s cheaper price tag is important – especially when young adults are balancing high student debt and a precarious employment market. But the convenience of condo life is attractive as well to first-time buyers.
Day-to-day responsibilities involved with owning a condo are considerably less than with owning a home, perfect for young professionals who have heavy workloads and busy social calendars.
Besides being conveniently located close to shops and restaurants, there are normally plenty of amenities and services within the condo building itself. There’s no grass to cut, roof to worry about or any other type of maintenance work required since there are condo boards and management teams that serve the building.
Condos are an attractive option for couples who are settling down and beginning to have children. Amenities such as swimming pools and lower levels that feature grocery stores, pharmacies and child care services provide an added convenience for busy families.
Nearby, museums, libraries and more provide cultural opportunities for developing minds. Living in the core of a city exposes children to a more diverse social and economic mix, which can help quicken the development of social skills. The communal green space still provides the chance to play outside without the maintenance work.
In a lot of cases, families tend to move out to the suburbs when they expand their family beyond one child. Until that point, living in a condo provides an opportunity to help build the equity needed to purchase that home.
The cash flow gained from selling a home is often tempting enough for seniors to downsize to a condo.
Not only that but when the challenges of maintaining a home are too much, condo living presents a more convenient way to live. Seniors can say goodbye to yard and maintenance work!
One of the biggest benefits of condo living is that they provide a sense of community, which helps combat any feelings of isolation – a common concern with seniors.
A building full of people (plus around the clock concierge services) means there’s always someone nearby in case of emergency, too.
Putting it All Together
GTA’s housing market is super hot these days, which makes condo living a more reasonable financial investment for many. But besides price point, condo living can provide a range of benefits – no matter your age group.
Canadian Design and Construction Inc. provides excellent service to the condominium sector. We stay on top of all current events and hot topics in the condo community. Contact us today for more information.