According to report recently released by Urbanation, over 20,000 condos will have been rented to young professionals living and working in downtown Toronto by the end of this year.
This got me thinking… why are people increasingly attracted to condo living? Are we “over” the idea of commuting? Do we crave amenity-centric living? Are we becoming convenience obsessed? According to the TD Canada Trust 2012 Condo Poll, 60 per cent of Canadians are drawn to condos because they require less maintenance, 45 per cent said they are more affordable, and 25 per cent said they offer more amenities than a house. Other factors include increased safety and neighbour accountability.
As a condo owner, I have to agree: the convenience, safety, and ease-of-use factors far outweigh the burdens of home ownership. But what will the future bring? Will there be a natural backswing in consumer trends—a longing to mow the lawn and host large dinner parties like our parents did way back when? Is the function—and maybe even definition—of “home” changing?
I for one believe this “trend” is here to stay. We are more environmentally conscious than ever before and with that comes an awareness of how much space we occupy. It is my belief that condos will come to be seen as something not just for trendy urbanites but the choice of socially, environmentally, and financially responsible folks. Tweet me your thoughts and let’s get the conversation going @conciergeplus