There has been a shift that has happened in real estate in the past two decades with more and more families opting for condo life over the suburbs. With suburb properties being less and less affordable, more work being available in the inner city for parents, and the variety of amenities available in the city, condos are highly attractive for many families.
Analyzing existing trends in Canada’s major city real estate markets, we see condo markets experiencing growth at a higher level than other property types, over twice as much as the suburbs. The actual percentage of condo real estate available in Canadian metropolitan areas has risen in the past five years from 15% of all total properties to 40%. This growth has been spurred by in part by families. For parents, condo life means cutting down on the commute to work, being able to actually save money, and having access to a variety of family friendly activities that are not available elsewhere. Cutting out that traffic is a major benefit with the average commute in Toronto being 33 minutes one way. With the public transportation available in the city, this significantly speeds up these commutes.
The move to the suburbs for young families is the predictable route that, for years, has been the choice many have made. The benefits in condo life compared to the suburbs has begun to rise and with it, the list of benefits has continued to increase in length.
#1 Condo Life is More Convenient and Brings Families Together
With amenities such as schools, community centres, shops, gyms, and parks all found within walking distance, condo life is more convenient for many parents. You will spend less time in the car and more time for yourself.
#2 The City Offers Many Family Friendly
With a condo property, a family may not have a backyard but what they do have is being in closer proximity to museums, playgrounds, pools, skate parks, movie theatres, and more. You won’t need a car to get to these places and you get to keep your costs low by having these large public spaces available to you.
#3 Allow your Children to Meet and See a More Diverse Collection of People
Condo life gives children access to the city where they have the opportunity to meet a wider range of people. Even just going out for a walk, children get to see people of different ethnicities, cultures, and backgrounds, giving them access to a less homogenized experience than the suburbs.
#4 Keep Energy Costs Significantly Lower
With no home to meet, the smaller space naturally means a lower energy cost. In addition, there’s no lawn to maintain and many parents forego vehicle ownership due to the transportation available around them. Cut down on wasted space and get a condo that appropriately suits your lifestyle.
#5 Keep the Family More Physically Active
The hustle and bustle of the city is not just a tag line to city life. To walk, bike, and take public transit means a more active lifestyle. With so much within walking distance, it is far more convenient to walk to places such as the grocery store or the park then to drive.
Condo life means that you and your family will have the opportunity to build connections with their community and become exposed to a wider variety of activities. Children feel more autonomous and self-confident oftentimes being able to use the subway or public transit to get to where they need to be. Children’s social skills are also better developed being around such a diverse number of people, engaging with neighbours, businesses, and other bodies. More families are seeing the benefits to condo life and this is why condos are becoming friendlier to families. City developers have recognized this, serving to build condos that are specifically targeting a more family-friendly lifestyle. Though the suburbs may have been appropriate fifty years ago, condos are becoming the ‘new suburbs’ with amenities that no other type of real estate can compete with. With single-family detached homes in the city are unaffordable for many families, to live in the city is to invest in a condo that is right for your lifestyle, your family, and your values.