MORTGAGE Blog & ARTICLES
Condo Units Are More In-demand for Young Families and Retirees in Toronto
This year, the real estate industry that develops condo units sees the potential of growth and sales in downsizing and upsizing markets. The two main targets for developing condo units are the baby boomers and the young families who prefer condo living in the urban areas with accessibility to transportation, commercial establishment, shopping centers, supermarkets, healthcare institutions, and many more.
With great access to different institutions coupled with low interest rates, condo units in Toronto are becoming more popular to many Canadian people even foreign investors. This is a good sign that after an economic crash in the previous years, the real estate market is showing a good sign of profitability and stability which may lead to lower condo prices.
With more than 20,000 completed high-rise buildings in 2014, this New Year will be more challenging to condo developers to complete for 70,000 units they have been targeting from 2014 to 2015. Buyers wish to have crystal balls to predict the trends in the market and acquire a property at a very friendly price.
However, the different predictions confused people when is the perfect time to buy a condo in the city. If you are considering buying a high-rise condo in the most populous city, take a deeper look on the location, interest rate, amenities, and security of tenure, this will give more value to your money.
Why most young families and retirees prefer condo living in 2015?
The market shows an increasing number of young families and retirees looking for a condo unit in downtown Toronto. Young families nowadays opt for housing that is within the cosmopolitan area which is more affordable than a residential real estate.
With the growing trend, condo developers are motivated to build more two to three-bedroom units. National reports revealed that a number of large families living in Toronto became doubled. As a response, the city is taking note on this significant change. The continuous high demands of high-rise buildings imply the need for more small units that can accommodate small families.
Before, every family dream to own a house and lot. With the fast-paced developments, the modern families change their priorities and way of life. Most families are now considering having good investment with potential benefits. They prefer condo living in a busy city that offers lots of opportunities made more developers to believe that more and more people are considering purchasing units in the metro. If you are a busy person you don’t have time to think of attendant costs and maintenance work. All you have to do is to call for the condo technician to look for your concerns.
Indeed, there is always a market for families who are aspiring to own a property in a vertical residence which offer affordability and convenience. These two reasons made many people to acquire a condo unit over a house. Toronto condos are built strategically so that families can be closer to different places. It minimizes every stress from dealing traffic in going to work, school, mall, market, and hospital.
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