The relativity of new home real estate

Having worked in the new home real estate industry for decades, I am fascinated to look back and see how things have changed. Looking at the big picture, as different as things are, they are also relative. Think about designs. Thirty years ago, layouts of both homes and condominiums were configurations of individual rooms, whereas nowadays, open-concept is the rule. Today’s airy designs invite the flow of natural light from generous windows and accommodate spaces for families to spend time together. And beautiful kitchens are part of the open living area. Finishes such as matching and contrasting cabinet colours and styles make these rooms as lovely as they are functional.

Lifestyle conveniences

Efficiency in design is paramount, as rising price points have dictated more compact square footages, especially in condos. And speaking of condos, building amenities are attractive, light-filled common areas rather than simply a pool situated on the lower level. Today’s amenities appeal to a much-broadened condo market as opposed to decades ago, when purchasers were mostly seniors and empty-nesters. Nowadays, we have young professionals and growing families seeking the price points and lifestyle conveniences of condominiums.

Of course, price points for both condos and lowrise homes have risen over the past few years. I remember when I started out in the business, GTA buyers could pick up a beautiful new home or condominium for less than $100,000. Remember my point about everything being relative? That was also a time when mortgage interest rates shot up past 20 per cent, yet people still found ways to afford homes. Although prices were lower, people made a lot less in wages and salaries. And looking at the big picture again, those homes have increased in value tremendously over the years. If you are an existing new home or condo owner, you will also get a lot more for your residence will bring in far more than you paid for it. Keep in mind that during the pandemic years, they increased by up to 40 per cent, which was unheard of. Even if they go down 20 per cent, that still leaves a huge amount of money on the table.

Lifestyle and financial benefits

Regardless of higher prices, today’s new homes and condominiums in the GTA offer the benefit of the latest in building techniques and materials as dictated by the ever-changing Ontario Building Code (OBC). Updated every few years, the OBC criteria for elements such as energy-saving features are more stringent than ever before. Just last year, new code requirements related to stair dimensions, guards and handrails came into effect.

It may be a cliche, but everything really is relative in the new home industry. Regardless of economic and market conditions, a new home or condo is a major purchase and deserves to be researched so you choose what is right for you. Take your time, do your homework, take advantage of any government programs designed to help buyers, and enjoy the psychological, lifestyle and financial benefits of owning real estate.