Condos with purpose

With Toronto real estate prices for single family homes out of reach for many people looking to buy, condos have become the go-to entry-level property. While condos are still less expensive than a traditional house, the gap in pricing has been getting closer in recent years. Among the reasons for this closing of the gap is the lack of real estate in key areas, the continued upward rise in the price of single-family homes and the rethinking of condos overall. Instead of building condos as mere residential complexes, many new developments are seeing them as self-contained, mini-cities.

Condo complexes offering residents fitness centres, swimming pools and party rooms is not new – these have been around for many years now. What is new is the incorporation of services into the complex – everything from grocery stores to boutiques, restaurants and yoga studios and full-service luxury spas are being included in many of the newer, high-end condo concepts. While these services are convenient and definitely appealing to many buyers, the inclusion of these mixed use spaces do drive the cost of the condos themselves up.

If you are in the market for a condo and like the idea of a complex offering a slew of services, then the best time to buy into such a project is off-plan. Many of the newer building developments are allowing buyers who purchase off-plan to unbundle services – to essentially choose what finishes they want to include, if any. Then they can upgrade later on as the building moves into the construction phase. It is the more affordable way of getting into the housing market if you aren’t already. It is a great way to build equity in a solid investment that will certainly appreciate over time.

If you like the idea of a condo with purpose – a complex where you can meet all of your basic needs, along with some of your wants, then keep an eye out for new developments that will give you the flexibility of enjoying that lifestyle at a price point that fits within your budget. When such a project presents itself, be sure to be among the first to buy while it is still off-plan.