Condos no fad, especially with urban sprawl
Chad writes a column for the local Toronto Metro newspaper called Condo Q & A. The articles previously printed in the Metro News are reprinted below. Read on for great advice and tips on condos, lofts, and townhomes in Toronto!
Q:
There are so many new condos being built and people tell me the prices are going to crash. Are condos just a fad? — Sam W., Toronto
A:
There is a very good reason that the developers are building theses condos: people are buying them.In my opinion, condos are not just a fad, but don’t take my word for it, let’s look at some interesting facts that may put things into perspective.
- Currently, one out of three new homes built in Canada is a condominium.
- Nearly 100,000 people move to the Greater Toronto Area every year.
- Toronto has the fourth-largest financial sector and the third-largest stock exchange in North America.
- Currently, more that one-third of the entire population of Canada lives within 150 kilometres of Toronto.
- The United Nations recently released a study. It estimated that the world population will increase by 2.6 billion over the next 40 years, therefore it would be reasonable to assume that downtown real estate will continue to be in very high demand.
With all the talk about protecting the green belt and prohibiting urban sprawl there is only one place to go - up! If you walk around the downtown core, you will notice that most of the parking lots have turned into new condo sites. Once the parking lots have been replaced with condos, the existing buildings should see an even greater demand on their units.Condos were once an affordable alternative to houses, but in the past decade it has become a preferred lifestyle for people from every walk of life. For most people, living in a condominium is not an alternative, it’s a choice, and more and more people are making that choice every year.
Tags: condo market
