Over recent years, sales of condominiums in Toronto have increased, while sales of single-family housing have decreased. No longer do buyers yearn for a detached house in the suburbs with a large garden – instead, young professionals and families alike are realizing the benefits of condo living. Of course, there are benefits of living in a house; for example more space, more privacy, and the freedom to make changes to your property without requiring anybody else’s consent. However, with the busy, urban lifestyles of Torontonians nowadays, it can be argued that there are more benefits to living in a condominium.
Choosing to live in a condo will give you the option of living in the city, close to all of the conveniences and attractions that Toronto has to offer. Condo dwellers love being able to walk to work, shops, parks, and restaurants in only minutes, rather than spending several hours per day commuting. In fact, many condominium owners choose not to buy a car as they just don’t need one, saving them more money to enjoy the city. Condominiums are also significantly cheaper to buy or rent compared to houses, making it easier to hop onto the property ladder, and leaving more spare change for day trips.
People who live in houses are also responsible for the upkeep of their entire property, including the exterior and landscaping as well as the interior. Meanwhile, condo dwellers are only responsible for maintaining the interior, saving both time and money.
As condominium developers go above and beyond to compete, we see new stunning, luxurious buildings joining the Toronto skyline all the time. Not only do we see breathtaking levels of luxury, but also convenient and desirable amenities in condominium buildings. Imagine having free access to a daycare center, fitness center, swimming pool, concierge and more without having to leave your building. Not only can condo dwellers save some money by canceling their gym membership, but it’s also incredibly convenient.
The amenities also add to the sense of community in condominium buildings. Communal areas allow residents to make friends, find babysitters, and even find clients for their businesses. You never know who you’ll run into in the communal lounge, and what they might be able to do for you.
With demand for condominiums in Toronto increasing rapidly, prices can only be expected to increase over the coming years, making them a worthwhile investment. You may decide to buy a unit now and live there for decades; however, you may choose to sell it on in a few years to make a considerable profit. Alternatively, you could decide to lease out your unit for an extra stream of income – there’s no shortage of potential tenants in Toronto.
While the idea of having a large house with plenty of storage space a large backyard is extremely appealing to many people, it can’t compete with what condominiums have to offer: more disposable income, more free time, and ultimately making the most of living in Toronto.