Anytime is the right time for your first condo

By Barbara Lawlor

Decades ago, owning a home went hand in glove with getting married and having children. And owning a suite in a condominium was typically the goal of empty-nesters wanting a more convenient lifestyle in fewer square feet than their large family homes. Today, people of all ages understand the wisdom in owning a home and building equity, and condominium purchasers span the spectrum of ages and backgrounds. The fact is that it's never too late or too early to begin the condo lifestyle. With today's condominiums offering such an attractive lifestyle in this hectic world, we're seeing "first-time" condo buyers of all ages.

Over the past couple of years, in particular, we have seen an explosion in the number of young first-time buyers opting for condominiums. For one thing, a condo suite can be much more affordable than a low-rise home. Condominiums have opened up the new home market to single professionals and young couples who would rather pay a monthly mortgage payment than rent. Some even find that they can own a suite for less than they would pay for an equivalent apartment. Many builders offer special deposit programs for first-time buyers to help them achieve the down payment they need to become owners.

There are other reasons for and ways of buying. We have seen a substantial rise in the number of single women who buy a condo suite because they find a certain level of comfort in owning in a building with concierge service and other security measures. Sometimes a single buyer with no partner to share expenses with will choose a two-bedroom suite and rent out the second bedroom for added income. We see siblings and friends buying a condo together. The possibilities are endless.

What all these buyers have in common is busy personal and professional lives. They appreciate the benefits of living in a building where maintenance is taken care of for them, and they have wonderful amenities at their doorstep. They also know that their suite is a large chunk of their investment portfolio -- and with the population of the GTA continuing to grow, condominiums will continue to be in demand for years to come.

At the other end of the spectrum, empty-nesters still represent a large percentage of condo buyers. Although most of them are not first-time buyers per se, many are in the sense of opting for the condominium lifestyle for the first time in their lives. They are seeking single-level living and freedom from the maintenance chores that have eaten up so much time in their larger low-rise homes.

An interesting trend today involves families who are buying condos for the first time. Suite design has evolved to create layouts that maximize space, and we are seeing more two- and three-bedroom plans being included in buildings. The GTA is one of the best places in the world to raise children, so it makes sense that busy parents would choose this convenient way of living, which affords them more time to spend with their children. Some developers are now adding play areas and other kid-friendly amenities in their buildings. Plus, today's buildings are so well constructed that every suite has a lot of privacy with soundproofing, etc.

We usually think of move-up buyers as those selecting grand estate homes on acreage -- but with the luxury condominium choices available, a spacious suite or penthouse may be their "move-up" choice. These suites are truly grand and gracious, and come with a high level of gorgeous features and finishes. A move-up buyer may even select a residence that is situated on top of a five-star hotel, which offers the ultimate in luxury living. These "first-time" condominium residents are usually seasoned homeowners who recognize how hotel-style living every day will enrich their lives.

Condominium living may not be for everyone, but judging from the high-rise sales statistics in the GTA, it is for more and more "first-time" buyers of all ages.

Barbara Lawlor is president of Baker Real Estate Incorporated and an in-demand columnist and speaker. A member of the Baker team since 1993, she oversees the marketing and sales of condominium developments in the GTA and overseas.