Condominium ownership has grown substantially since a 2016 Canadian census reported that nearly 1.9 million condominiums were owned and occupied. The years that have followed have seen a substantial growth in population and to meet the demands many more condominiums have and are being built in large metropolitan cities. If you are beginning a search for a home because of downsizing, a career change or even for investment, we here at Stomp Realty Inc. (416) 366-3033 want to share with you a few important reasons to contemplate purchasing a condominium.
In the highly desirable and steadily increasing metropolitan city of Toronto home ownership is very competitive and very costly. A modest single-family dwelling in the heart of Toronto is averaging well over a million dollars with the average condominium price coming in substantially lower for a moderate unit. Being able to buy a condo that is close to all the amenities and yet is still affordable is a large draw for many people. Toronto has a wonderful transit system that allows many people to forgo the necessity of owning multiple vehicles to accommodate employment. This alone can substantially be positively reflected in the family budget. The proximity of living where you are employed also adds the value of time to your life. Commuting to and from your place of employment can be quite expensive if you are living in the suburbs of the city.
Along with living close to your employment, how about being close to what the rest of the city has to offer. A large metropolitan city like Toronto has many cultural attractions and services to consider. The city offers a vibrant and exhilarating pace to those seeking entertainment, art venues, shopping and fine dining. Along with the arts and entertainment come the employment and educational accessibilities.
Many condominium buildings have, built-in five-star amenities that is offered to residents. Imagine that you have recreational and fitness facilities, possible guest suites available, possible retail facilities and maybe even concierge services. Some of these services are covered in the monthly condo fees but are comparably much less than paying municipal land taxes. With condo living, the necessity of keeping up with seasonal property maintenance such as clearing snow, raking leaves and cutting the grass are provided by the building maintenance. This adds considerable available time to enjoy family life. Just think, no missing the garbage pickup or extra water bills for keeping your lawn from looking like a dry wheat field. With today’s new lifestyle, condo living adds the convenience of increased security. The peace of mind that you would have leaving for that long-awaited vacation knowing that your home is ensconced in a security building is invaluable.
As the city grows and urban development pushes out passed the existing boundaries, real estate within the city will be a valuable commodity. That would mean that the demand for residency will never diminish which in turn means that your condominium will be a great investment now for your future. Whether you are planning to retire to the city or maybe retire and move from the city, your condominium is a valuable asset for you.
As with any real estate quest the idea of searching for the perfect condo can raise many questions and trepidations. We here at Stomp Realty Inc. (416) 366-3033 can help answer your many questions and aid you in your search for the perfect condo.