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Factors that Contribute to the Evolving Condo Lifestyle

 

Just a few years ago, buying a condo and actually living in it is mostly considered temporary. A transitional phase, the first step in the real estate investment ladder, a bachelor’s pad, a city home or an addition to an investment portfolio. Condos were the first home until one marries or starts a family, or until one is earning enough to buy a ‘proper’ home. Never as a home to live in and without any plans of moving out any time soon. Condos were not forever homes.

But, that has changed a lot. Today, people are buying condos to live in, to raise their family in and as a retirement home. The following societal evolution contributed to the condo lifestyle changes;

  1. Condos in the city fringes – Condominiums are no longer concentrated in city core areas. New developments are rising in city fringes and suburban areas like Markham, Aurora, and Oakville where there are lots of green spaces and the lifestyle is typically slower. This trend has attracted people who prefer the calm countryside lifestyle and close-knit community.
  2. Larger units – 1800++ square foot, three-bedroom condos are no longer uncommon. Larger units mean more rooms and space to live comfortably. Whereas before, condos commonly come with just one or two bedrooms. The bigger condo sizes accommodated the needs of growing families and those who demand space to live comfortably.
  3. More relevant amenities – Condominium amenities are one of its top selling points. Condos of yesteryears offer facilities that can be aptly considered luxurious. While the amenities empress a lot of people, the amplified fees and its extravagant nature turned off a lot of buyers. Newer condos in Toronto feature more relevant amenities that address day-to-day needs like day-care centres, business centres and gym facilities.
  4. Safety and security features and maintenance – The sophisticated and extensive safety and security features of condos continue to reassure its residents. Condo lifestyle also means very minimal maintenance work –yard work, repairs and other maintenance tasks are taken care of. This makes condos the perfect home for singles, older residents, those who hate or don’t have time for maintenance work and those who are often away from home.
  5. Condo community build-up – While condos continue to be a haven for introverts and those who value their privacy, newer developments also feature designs that are meant to build a community amongst its residents. More extensive common spaces like gardens, lounges, kids’ play areas and community areas give residents ample opportunities to mingle and socialise with one another.

These changes have helped make condos in Toronto more homelike, comfortable and permanent. Buying a condo is now tantamount to buying a home.



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