By Barbara Lawlor
Today, the demographics of condominium buyers are as varied as reasons to choose condo living. It’s no longer a case of empty-nesters selecting large suites to make the move from expansive homes easier, and first-time buyers choosing studios and one-bedroom suites because of price points. Purchasers nowadays span the gamut of age groups, lifestyles and income brackets. With condominium living becoming increasingly popular because of the freedom it offers, we’re seeing people of all ages buying suites of all sizes.
Still a substantial percentage of the market, empty-nesters and retirees sometimes choose smaller suites – especially those who have moved full time to their cottages up north. For many, having a condo in the city is perfect for weekend getaways, or for visitors who want to soak up some of Toronto’s exciting culture and entertainment. They can live like they’re at home while they’re downtown, rather than stay in a hotel, which is less personal and comfortable. This second home is also convenient, because when it’s time to leave, they just lock the door and go, without worrying about who will mow the lawn. It’s also a great investment that can be passed down through generations.
Of course, first-time buyers continue to be avid condo purchasers, but not always for the smallest choices. Many young people have lucrative careers, inherited money, pooled resources or plans for a family, and opt for suites with larger square footages. Busy professionals, in particular, appreciate the luxury of not having to worry about maintenance or drive to access amenities such as fitness facilities and places to hold a party.
And speaking of families, the increased demand for 2 plus dens and 3-bedroom suite is partially due to people with children seeking the condo lifestyle as well. Immigrants have often grown up in high-rise apartment buildings and are used to an urban lifestyle. And let’s face it – Toronto is a great place to raise a family. We have excellent schools, lush parks, fabulous entertainment venues, museums, galleries and more. There is also a real sense of safety in condominiums, where the concierge serves as “eyes on the street” and neighbours get to know one another in the hallways and amenity spaces.
Demographics are changing in other ways. Young professionals are buying condos to get into real estate, and singles are buying together as an investment. If you decide to purchase a condominium suite with another person, be sure to speak with a lawyer so you know the ins and outs of joint ownership, especially when it comes time to sell and move on.
Another fairly new market we’re seeing in condominium sales is parents whose grown children attend college or university in Toronto. Many find that for the price of room and board in a dorm, they can pay the mortgage on a condo, build up equity, and sell (typically at a higher price than they originally paid) when their sons and daughters graduate.
Whatever your age, lifestyle or circumstances, there is most likely a condominium out there that will fulfill your housing needs. If you look at condominiums overall in the past decade, you will see that people’s investments in general have increased tremendously. Sometimes a suite is worth more when owners move in that when they bought it.
When you think about it, the demographics of condo purchasers reflect the diversity of our city and its environs. A condominium is a community in every sense of the word, and interacting with people of varying backgrounds and ages enriches life for us all. If you have eliminated condominiums as a housing choice because of pre-conceived notions of who these owners are, take another look at this lifestyle and reconsider. You can enjoy the wonderful perks of condo living at any age and stage of life. Convenience, quality, amenities, neighbours – look around and see the possibilities through new eyes!
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.
