Reason Behind Growing Demand of Condominiums

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There may be many factors behind a strong growth  purchasing power towards condominiums, but the following are the three main reasons:

o   Demand for attractive downtown neighbourhoods that are walk-able and have ample access to transit.
o   Younger and senior demographics want to live in location-efficient neighbourhoods to reduce commuting struggles.
o   The challenge of finding an affordable single-family home in central downtown Toronto.

The demand for condos in the GTA have been increasing whether it be ranging from expensive single-family homes to delayed childbearing, all of them are interested in purchasing or renting a condominium.

The speed of the construction has been faster than demographic needs. However, several other factors are increasing as well which will thereby slow the construction process. Some of the factors include higher traffic and transit congestion, which draws people to live closer to their workplace, delayed marriage and childbirth, and immigration to Canada from countries where individuals are comfortable living closer in more confined quarters.

“The high volume of construction activity seen during the past decade can be explained as a reasonable outcome given the existing conditions,” Will Dunning, a housing market analyst and the chief economist for Canada’s mortgage broker association.

The number of condominium units required in the Toronto area will be about 12,800 to 15,800 annually by 2021, depending on how quickly factors such as delayed marriage increase the number of people living in condominiums rather than houses.

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