Location and affordability are still top reasons, but other factors also appeal to buyers.
Here’s an interesting fact: Three out of four new home purchases in the Greater Toronto Area as of June of this year have been condos. That’s the latest stat from the Building Industry and Land Development Association (BILD), and it’s a key indicator that condo living is no longer a trend but a necessity.
As housing prices rise and availability dwindles, builders and developers in major markets across Canada continue to create innovative, high-density housing in order to fill what’s become known as the “missing middle” – affordable urban housing that’s close to amenities and transit.
But aside from affordability and a great urban location, what else is attracting consumers to make the decision to buy a new condo over a detached home? Based on our own research, here’s what we are seeing:
A luxurious life: Fitness and spa facilities
Condo buyers looking for a healthier lifestyle often find that the integration of health and wellness facilities is a major benefit of owning a condo over a traditional house.
High-end fitness studios rank among the most popular luxury amenities for condo buildings. Residents enjoy the convenience of an on-site location and no additional fitness membership fees to enjoy a healthy and relaxing lifestyle. Yoga rooms and other health and wellness facilities in the form of a hot tub, steam room or sauna are also popular amongst buyers. Enjoying a spa-like atmosphere has never been easier or closer, and all the care and cleaning is taken care of by someone else.
Making life memorable: Beautiful amenities and rooftop lounge areas
Builders and developers appreciate that condominium and townhome communities become instantly more attractive to buyers when they enlist the talents of top designers to create stunning spaces that become legendary for their views and amenities. Residents love bringing together friends and family to enjoy a rooftop terrace, garden, party room or lounge space. These spaces often become extensions of their own living spaces and are a valuable asset that can add to the appeal and resale value of the property. In fact, many rooftops and outdoor common areas offer modern sleek spaces that include swimming pools, barbecues with outdoor kitchens, fire pits, private cabanas and more. These amenities become favourite places to hang out and celebrate special occasions. It’s hard to deny the attraction of having a rooftop lounge, especially when a location offers stunning views of the surrounding city or water.
Living the Green life: Environmentally friendly features and fixtures
Green living has become a priority, and buyers of new condos always have the added benefit of being able to select certified energy-efficient appliances, fixtures and lighting, all of which have a positive impact on the environment. Builders that show an ongoing effort to build Green are extremely appealing to buyers – and everyone likes to know that they’re contributing to a larger goal of helping the planet!
I urge you to visit a few of the amazing new highrise, midrise and townhome communities today. Find out what the majority of buyers this year have already discovered: sustainable, new housing solutions with incredible lifestyle options are out there.