Why Millennials are Buying Condos: Available Condo Units in Toronto Falls 16% since 2015

The rising cost of home prices have meant it is near impossible for anyone in the lower-middle class to be able to afford real estate in Toronto. Even those in the mid to upper classes are being met with prices that the City of Toronto and surrounding area have never quite seen before. If you’re looking for homes for sale in Toronto, your best bet may be to refer to the condo market as many others already have.

Even if one were to begin saving in their late teens, the war to try and find available real estate within your price range is going to be a huge challenge. The condo market is different. The condo market in Toronto is blossoming with available condo units having fallen 16 percent since 2015. This is not because development has slowed down. This is because more are being bought. At an age when the average home price in Toronto exceeds $1 million, condos for sale in Liberty Village and throughout the city offer a far more attractive package. To begin with, the prices are far, far lower than the homes available in the city. There are far more options available in the city as well and one is likely to get a unit far more appropriate to their needs than what is available in the housing market.

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51 East Liberty St viewMoving beyond the price, the actual location of a condo is more often than not going to be far better than the available home selection. The wide range of condos can give a person a luxurious piece of property in a neighborhood like Liberty Village or in the surrounding area where, around them, there are a wide range of options in arts and culture, entertainment, shopping, nightlife, recreation, and city amenities. In addition, this doesn’t even count the amenities that are going to be in the building itself. Depending on the building, some of the higher-end condominiums can provide a resident with a number of advantages that a homeowner can only dream of.

There are many, many people who are still trying to perpetuate this dream of home ownership but it seems that every month, there is a news article stating how home ownership is no longer a reality for many millennials. The trends not only in Toronto but also in other major metropolitan areas are showing that millennials are flocking to the condo market. The average condo price in Liberty Village is anywhere from a fourth to a third of what the average price of housing is in the city. This, as well as the fact that as little as 5 percent can be used as a down payment for properties less than $500,000, has meant more and more millennials buying into condos in Liberty Village.

Millennials are seeking independence from their parents, are tired of paying rent, and want to invest their money in a smart location. If one wants to wait around for the perfect opportunity in a semi-detached or fully detached single family home, every millennial has that opportunity. With each year that passes though, the condo market continues to thrive. There is a lot of money to be saved and a lot of freedom in owning one’s own condo. Don’t let yourself be priced out of living an independent life. You can afford your own space via the condo market, build your finances and your investment.Liberty Park - Camber

Get a better price, better amenities around you, and more choice. Whether it’s a one bedroom or a two bedroom or something smaller or perhaps something more luxurious, there are a number of options to choose from. Depending on the building and the neighborhood, condos in an area such as Liberty Village offer strong, safe investments with excellent resale value. This has as much to do with the building as it does on the location. For example, think of the short commutes. Especially for first-time buyers, the condo market is an excellent choice to begin saving one’s money and to make an investment into something that they can own. You don’t need to pay rent. You can put your money into something that is going to maintain and increase in value over time. Get the city life, a strong investment, and an opportunity to live your life the way you want to lead it.

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