Whether you are 18, 30, 50 or older, I think there’s a good chance that at some point, you will opt for condo living. You may not agree right now, but consider the reasons for this theory.
We have had an aging population for quite a while, and empty-nesters who find themselves ready to leave their large homes for the freedom of condominium living. They appreciate being able to spend the leisure time they have enjoying life rather than mowing lawns, shoveling snow and cleaning rooms for hours on end. Many baby boomers and seniors like to travel several months of the year, and it’s so much easier from a condominium building. You can simply close the door and leave with the confidence that your home will be looked after while you’re gone.
Most condominium suites are single-level designs, which is great for seniors. As we age, it gets harder to climb stairs, so having everything handy on one floor is a comfortable luxury. And as mobility issues arise, it is wonderful to have everything under one roof. Going to the pool for a swim, heading to the fitness centre for an aerobics class, or meeting friends for a game of bridge in the lounge can be as easy as an elevator ride.
You may be thinking, well, sure — it’s safe to say that people over 50 will choose to live in a condo, but I’m still in my teens, 20s, 30s or 40s. Why me?
For a lot of reasons. First, the market has been flooded with first-time home buyers who appreciate the wisdom of owning in the GTA rather than paying out high rents — and for many of them, a compact condo suite is an affordable starter “home.” Single professionals, young couples, and even roommates who pool their resources are buying condos to start earning equity and set themselves up for a bright future. Plus, younger people are frantically busy these days, too. A lot of these buyers are not interested in using their time for upkeep on a low-rise home. They love the fact that they can own a smaller suite and still entertain friends in the building’s theatre, party room, billiards room, rooftop garden, etc. Of course, condominiums are usually close to public transportation, and many are in the hub of downtown Toronto, which may mean a quicker work commute for professionals. Some may even be able to walk to work, which is amazingly convenient.
Let’s not leave families out of the equation. We are seeing more people opting to raise their children in the city. This is a familiar concept with people who immigrate here from Europe, the Orient and other foreign countries. Toronto, and in fact the entire GTA, have good school systems, and every municipality is dotted with natural areas such as lush parks. Even in the heart of Toronto, you can walk your dog and take the kids to the park to play.
There are a lot of other scenarios. Parents are buying condo suites for their grown children to live in while attending university, and then selling them at a profit after a few years. Some purchasers select a two-bedroom suite and rent out the second bedroom. And of course, there are those who buy a condo strictly as an investment and rent it out. With the population of the GTA growing by leaps and bounds, condominiums will be in demand for years to come.
Face it — you never really know where life will take you. I may not be a psychic, but after many years in the industry, I feel confident saying that there is a condo in your future!
Source: Barbara Lawlor – Condo Life Magazine
“Toronto’s Condo Authority”