Many buyers are looking into family-sized condos. This is because they offer an optimal amount of living space and are an affordable option.
Although many residents in Toronto, ON still yearn for a single-family home, the real estate market is changing. Single-person condos still reign supreme, although, family-sized condos are becoming more common by the day.
There are a number of reasons why this type of living space is growing in popularity. Many Toronto, ON residents don’t want to leave the city but they need a place to raise their growing family. So instead of purchasing a single-family home (which would cost approximately $800,000 in 2018), they opt for a family-sized condo. Larry Blankstein of the Lash Group feels that the price is the main reason behind family-sized condos popularity. “It’s about affordability. It’s all relative to the cost of low-rise housing. Developers are becoming more efficient,” stated Blankstein.
Vice-president of development at Slate Asset Management, Brandon Donnelly, stated that he feels that there is a “very strong” need for family-sized condos. “We try to position our condos so that they’re competitive with low-rise housing. If you do it well, you can create value,” stated Donnelly. It is clear that young buyers can see the value in these living spaces.
Buyers should know that family-sized condos are not just popular with growing families. They are also a practical choice for older generations. Family-sized condos are easier to maintain than a single-family home. They also offer more space for entertaining guests. This makes family-sized condos a great option for buyers that optimal space in an amazing location.
There is some “cultural bias” that comes with raising a family in a condo. Although, Donnelly feels that family-sized condos can get rid of this stigma. This is because these living spaces are well designed and extremely practical.