Low-rise or High-rise

Buy Low

By Don Pugh

Individual home ownership is something to which most Canadians aspire, and for many that dream involves owning a piece of land as well. Real estate is our most solid asset and is an economic area where there is always growth. The appreciation on property once it's paid for provides a lucrative retirement nest egg.

Purchasing a single-detached home, semi, or townhome has a number of other benefits for individuals and families alike. Usually low-rise living is associated with growing families, but more young professionals and single people are opting for this lifestyle. Homeowners with pets find it more convenient to live in a low-rise scenario. Parking is typically more available and carrying in groceries is easier when there isn't an elevator or several flights of stairs to contend with.

Having yard space is a major draw. Gardeners thrive on nurturing their own patch of land and those who have children appreciate the opportunity to establish outdoor play areas. For those who want grade-related living without yard work and maintenance, condominium townhomes can be a great option.

Semis make low-rise living affordable for many and of course the gamut of single-family dwellings range from modest homes on small lots to sprawling estate homes on acreage.

People enter the low-rise housing market knowing there is flexibility to move through different life circumstances. Retirees have the choice of low-rise living in either adult lifestyle or mixed communities. Other retirees choose to live in mixed family communities. There is a phenomenal amount of choice out there.

Many of the neighbourhoods are master planned to include parks, schools, and commercial centres?the kind of environment that encourages a sense of belonging and a real pride of ownership. These are communities where families can put down roots, where kids can ride their bikes and play with friends.

Over the years, our definition of "family" has changed as lifestyles have evolved. Whatever stage of life you are at, a low-rise home is something down-to-earth that you can call your own.

Don Pugh is vice-president Low-Rise Housing for The Daniels Corporation.

Buy High

By Niall Haggart

An increasing number of people are choosing high-rise condominiums for a variety of reasons. Those who enjoy an urban experience and want to live in downtown Toronto may find a limited choice of grade-related housing, but an excellent selection of traditional condominium buildings, lofts, and conversions. With the intensification Toronto is experiencing through Smart Growth initiatives, more people can maintain an active place in the urban fabric and enjoy the quality of city life.

For first-time buyers, a condominium can translate to affordable ownership in a desirable location. We see many parents helping their children take advantage of historically low interest rates to get into home ownership and build equity. Some are new immigrants who understand the economic and social value of establishing roots in a community. Residents can enjoy local amenities and live a convenient life without automatically owning a vehicle.

High-rise living also allows people to stay in the community in which they grew up or raised their children. Many purchasers want to live close to their friends, clubs, and favourite shops without the maintenance of a large home. In a condominium, they can get away from climbing stairs and enjoy the freedom of travelling without worrying about maintenance. The move to condominiums also frees up existing stock of low-rise homes in the area.

Many high-rise buildings contribute to an area's vibrancy, day and night, by placing residents in the hub. These neighbourhoods offer high-rise housing options for all market segments from first-time buyers through to seniors - all with a design cohesiveness created through architecture, landscaping, and road patterns.

Most high-rise buildings encompass recreational and social facilities that create inviting spots where residents can mingle. Suite features and finishes have their appeal, too?especially when people buy new and can customize their spaces by choosing specifics. Modern condominium design eliminates wasted space and is wonderfully efficient.

Owning a condominium isn't necessarily an either or scenario. For instance, as baby boomers age, many will have the option of living in a home outside the city and the means to own a downtown condominium as well. It's a great way to stay connected with city living. High-rise living offers both freedom and community roots and will continue to be a viable housing option for all stages of life.

Niall Haggart is vice-president of The Daniels Corporation.