Flagged as a viable option for first-time home buyers, wary of the rising price of a single-family home and a solution for retirees alike, the condo market is poised for growth. Condominiums offer a passage to home ownership for those who are interested in the prospects of ownership but are restrained by high property prices, or for those whose lifestyles do not allow for the maintenance- financial and physical- of single-family home ownership Some Canadian markets have seen a surge in the condo market, indentifying lifestyle, investment opportunity, urban renewal, and attractive pricing as the driving force behind it.
Condo markets are also being touted as a solution to urban sprawl and are also being sold across a variety of demographics, on opposing ends of the buying spectrum, as offering a similar solution to varying needs, including downsizing empty nesters, those looking for a retirement property and nervous first –time property owners.
Condo ownership in urban developments is also being cleverly marketed as a lifestyle choice; appealing as an essential part of a funky, hip urban lifestyle- as a convenient location to place roots down near hip restaurants and shops.
Recognizing the shift in demographic want, urban development companies have shifted their marketing focus. Says Michael Polzler, executive vice-president for Re/Max's Ontario-Atlantic Canada operations, "The (condo) lifestyle has also gained a foothold with younger, hipper audiences, as the definition of home ownership evolves with the changing demographic". Polzler adds "dreams of the small home with a white picket fence are being replaced by the funky loft apartment in proximity to shops, restaurants and entertainment”.
Condo Sales are up across the country, with Ottawa seeing sales up 11.9% and the GTA seeing a rise of 10.4% year-to-date, as of September.
Condos are also a very attractive investment option, because of the rental opportunities they offer. With the anticipated growth in the condo market in the coming years, based on need and demographic requirements, investors make up a significant number of condo purchaser and these investors are not limited to Canadians. The investment market is attractive to those overseas, with long term investors from Asia and the Middle East holding the bulk of the investment properties. The intention is that they will hold these properties until prices are driven up by this hot condo market, until they are able to sell for the price they want.
All of this information of course goes double for the Toronto condomarket. As in Toronto, we're seen as the economic, cultural and from time to time political hub for all of Canada. For more information on Condos in Toronto.