New condominium communities are popping up across the Greater Toronto Area at a time when lowrise housing is in short supply and priced out of the financial range of many, if not most, buyers. The great news is that these highrise and midrise residences are ideal for people of all ages seeking carefree living in convenient, beautiful surroundings. Although years ago, condominiums were purchased mainly by empty-nesters and retirees looking to right-size their lives, nowadays everyone from first-time buyers to professional singles and couples, families with children and older buyers are turning to this alternative to lowrise living.
The reasons are many and varied. Yes, price is a big factor and has a lot to do with the explosion of interest in condos over the past decade. And yes, even condos have increased in price. However, condominium suites remain financially attainable for those who understand the wisdom of owning and building equity over paying rent to someone else.
Even more compelling is the condo lifestyle, which begins with locations close to amenities and major traffic nodes. In the GTA, our transportation routes are expanding so much that people can work just about anywhere and have a reasonable commute time. Condominium popularity, especially in the 905 areas, also embodies aging homeowners who want less maintenance in their lives, but want to stay in the neighbourhoods they know and love.
Condo residents of all ages appreciate the lifestyle their residences provide. Modern amenities are beyond phenomenal. These shared areas extend owners’ living space. With fabulous party rooms, the need for a large dining table goes by the wayside. Fitness facilities right in the building mean you don’t need to delegate space in your suite for exercise equipment or join an outside gym.
In these gathering spots, residents meet other like-minded neighbours and become friends. Amenity spaces are so well used, that some condos feature a resident services director who organizes group activities and social events.
As for families, we are seeing more developers adding kids’ areas for play and exercise to their amenities roster. With the choices in layouts expanding to accommodate their needs, with two- to three-bedroom plus den designs, families find condo living convenient and fun.
After decades of working in the GTA condo industry, I have heard from a lot of purchasers who say they love living in a condominium. For many, the benefits are even better than they had imagined. Whatever your age and life situation, chances are, there’s a condominium out there that you will love to call home!