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7 Reasons Condo Living is Popular in Toronto

Times have significantly changed how Toronto residents view their living spaces. Gone are the days when the idea of condo living was not considered as a viable option.  Most professionals of the present generation have realized and understood the value, convenience and appeal of condo living. Even older generations now find the appeal in living in condos.

Here are the reasons why condo living is a popular option in Toronto.

  1. Condos Are A Solution To The Lack Of Low-Rise Housing Options

In the past decade, condo sales were so much lower than low-rise properties like house and lot units. Today, the lack of house and lot units for sale has caused prices for condo properties to rise. It has reached to the point that investing huge amounts on a house was getting to be impractical. Supply for condos, on the other hand, are abundant, making it an easy investment choice.

  1. Condos Are A Good Investment Opportunity

Young professionals who are looking to investment in their own home are going for condo units instead. The cost of renting a home is almost comparable to the mortgage for a condo. Also, you only need to pay a smaller monthly fee for maintenance of common areas and real property tax so a tax lien will not be imposed on your condo. Moreover, condo units have access to hotel or resort-type amenities. This is something you cannot enjoy in a simple house and lot investment.

  1. Condos Are More Affordable

It is much cheaper to buy a condo than to buy a house and lot. For this reason, condos are a popular choice not only with single professionals and young couples. Condos are also growing to be the best option with immigrants and young families.

  1. Condos Are Located In Great Neighborhoods

Most condos in Toronto are in the downtown area. This prime location is close to offices, restaurants, malls, entertainment venues and parks. Unlike house and lots, you don’t need to commute or drive to run errands or pick up groceries.

  1. Condos Have Superb Amenities And Services

Amenities are a bestselling point of condos. Most condos have indoor and/or outdoor pool, a fitness center, private parking and other commercial establishments. Some condos also come with hotel services like a concierge, a day care center, and a lot more. These amenities make living in a condo both a convenience and a luxury.

  1. Condo Living is Safe

You will not get the security a condo offers in a single detached home. Living in a condo comes with a good amount of peace of mind. Condo units are situated in gated communities with 24/7 security, common areas with security cameras, and secured parking.

  1. Condos are Low in Maintenance

When you live in a condo, you are only responsible for the upkeep of your living space or inside your condo. All common areas as well as the exterior of the building are maintained by the condo management. Houses, on the other hand, require constant upkeeping and landscaping. This would be unbearable for busy homeowners.

 

 

References:

http://somosconnect.org/more-toronto-families-opting/

https://www.thestar.com/life/homes/2017/05/06/why-were-raising-our-kids-in-a-condo.html

https://www.ratesupermarket.ca/blog/should-you-buy-a-condo-or-house-pros-and-cons/