With the ever-rising market in Toronto for homes, first time homebuyers are being shut out of this market, making condos the most attractive option for living in the city. Here’s why that’s a good thing.
In Toronto, the demand for housing is immense. First-time homebuyers are being priced out of the market for traditional detached homes, as there is no land left to increase the supply. Some homebuyers may be waiting for the “bubble to burst”, but forecasters say this isn’t going to happen anytime soon. The best option is to get into the market now, before prices and mortgage rates get higher and first time buyers are locked out for good.
Many options with condo living
Condos are a very viable alternative to traditional homes in Toronto, with many options from new builds to lofts repurposed from industrial spaces. Condos are approximately half the price of a single detached home, making them a definitely more affordable option for first time buyers.
Sherry Cooper, chief economist at Dominion lending, says "If somebody is looking for a single detached home in the old city of Toronto, it's going to be expensive, but that is not the only housing solution available."
While many of us do want the dream kitchen and the white picket fence, first time buyers who can’t afford this dream in Toronto will either need to choose to move further from the city, not to buy or to think condo.
For young people who work in the city, living close to where you work shaves off the expense of commuting, plus maximizes your out-of-work hours. You’ll spend more time at play or at work instead of sitting on crowded transit or in your vehicle. Many Toronto condos are just a few steps away from transit, like this Islington City Centre beauty, which is moments from the subway line.
The majority of first-time homebuyers is under 35 and may be looking for a home with little work to do. They are busy with their careers and social lives. With condo living, you’re often taken care of by whoever you are paying your maintenance fees too, so you don’t often have to worry about the roof, the furnace or the landscaping. For example, this Davenport Road condo offers you a rooftop terrace for entertaining, a library, a sauna and gym and 24-hour security, all of which you get without any of the upkeep!
Full Range of Amenities
Many condos also offer great amenities like a pool, a gym or a party room. If you like to entertain, you can take your guests to other parts of the building, maximizing the space that you probably won’t have in a Toronto starter home.
If you’re a first-time homebuyer in the GTA, contact me to find you the condo that’s right for you.