The Condo Buzz

The young are doing it. The old are doing it. Everyone's doing it! From Vancouver's beautiful coastline to Montreal's chic concrete-covered streets, condos are all the craze. While a portion of the population still view condominium units as small boxes stacked one above another, all types of people are moving into and buying condominiums. The fastest growing area of home development in Vancouver and Whistler is in condominium development. Across the country, thousands of miles away, Toronto currently absorbs close to 1000 new condo units per month. With statistics like these, the condo craze has definitely made itself at home in Canada.

Why are so many people opting to purchase condos instead of houses? Toronto condo owner Vanessa Rementilla has the answer. "For both young and old, condos offer the convenience of having everything in reach," Rementilla says. "As well, condos boast the ease of not having to maintain what you would if living in a house...worrying about cleaning the roof, shoveling the driveway, taking the garbage out."Rementilla is right, condominiums offer residents a lot of comfort for little maintenance. If purchasing a home, most would never be able to afford all the amenities that condos offer. Some of these amenities include pools, gym facilities, 24 hour security, and underground parking. "It's great, I don't have to remember which day the recycling has to go out, because the building does it for me," she exclaims.

Of course, buyers must remember that condos do have monthly maintenance fees for the services and general upkeep. For those who don't have the time or interest in doing certain chores themselves, the fee is worth it.

Young urban professionals tend to buy condos for other reasons too. Low interest rates encourage them to buy, as do first-time home buyer incentives. Being within an urban center is very important to younger home buyers — they want to be close to the city's bars, theaters, public transportation system, shopping areas, etc.

Older buyers also care about being close to all the conveniences that a city has to offer."People that are down-sizing, the empty-nesters, tend to have more time and money on their hands to enjoy the city they live in," Rementilla says. Very true. With their kids grown up and gone, older couples can take advantage of condo location to experience the city. In my loft building, almost half of the residents are retired. They love living in the hustle and bustle of the city, where they can walk to a museum, sit in a nearby park and go shopping.

Whether young or old, working or retired, single or married, condos are extremely popular in Canada — there are no signs of this trend fading. The condo craze is here to stay!
Source: HGTV.ca

Posted by David Shieh- Abbotsford Real Estate Agent Landmark Realty Corp.