In recent years, young families have decided to become condo owners as oppose to traditional, single-family homes.
This latest trend (That seems to be here to stay) is a result of a number of factors, two of them being the increasing costs of traditional town homes, and the fact that there has been a rise in the number of families that prefer the downtown lifestyle as oppose to the suburban one.
This movement in home ownership has caused some insightful condo developers in the city to adjust accordingly, creating condominiums that are perfectly suited for families. These new condo’s will include many child designated amenities, such as playgrounds, pools, and small playrooms. Essentially, these developers have innovatively taken the town home structure and with that, produced two-storey units, equipped with terrace balconies with a garden-like structure.
Developers have also found additional ways to capitalize on this trend by adding an alternative method of payment for those who may not be able to afford a down payment. Potential buyers are given the option to pay the down payment overtime, until they reach the desired percentage. Condos are no longer seen as a housing option exclusive for “adults,” as now the societal shift has introduced the opportunity for families to enjoy the downtown, urban life from a high-rise building.
Many people are under the impression that this recent craze for condo ownership is more about affordability, as oppose to just a new fad. David Wrobel of Condo Wizard is of this belief, claiming that this preference for condo living is due to the efficiency of developers, who now have demonstrated the capability to create three-bedroom units, while still being below 1,000 feet.
Wrobel also cites the rising costs of low-rise homes as a reason for families choosing to live in high-rise buildings. What also helps families choose condominiums over town homes is the fact that architects and developers have done an outstanding job creating towers that appeal to the general public.
An example would United Bldg. Condos, a new preconstruction project currently in development by Davpart. This 55 storey condo will not only have wrap-around balconies, giving its’ residents a beautiful panoramic view of the downtown district, but will be connected to Toronto’s famous PATH system.
“In truth, there aren’t many condo developers who have decided to shift to building family-sized units, due to the emphasis of selling micro-units, but it is evident that this will change in the coming years.”
With Toronto becoming more and more like New York City, it is only a matter of time before families, young and old decide to live in condos, not out of obligation, but simply because they want to.