Why do many people in Toronto prefer to live in an apartment rather than a house?
Thursday Apr 14th, 2022
Times are changing, and the "houses are better" stereotype is slowly fading. More and more young couples want to live close to the subway, fashionable boutiques, modern restaurants and enjoy the downtown nightlife. They are working hard and don't want to spend the rest of the day cutting grass, removing leaves or snow around the house, or doing other house-only errands.
The families are looking for big units in safe, family-friendly areas with highly-rated public schools. They want to live in a building with a good reputation, high-end amenities like a saltwater swimming pool, and a fancy party room. People are willing to pay for the gorgeous views from units that draw the eye. Some people would like to live in a house, but a home in the city is hardly affordable. Whereas living in the suburbs does not match their lifestyle.
Right now, I am working with a couple. Both are operating from home, but their offices are located in Toronto. They were interested in buying a house within an hour from Toronto. After two weeks of research, they finally found a suitable property.
We had negotiated the offering price, terms, and conditions. And to my surprise, the following day, they realized that they really wanted to live in Toronto. They were ready to spend a similar amount for the condo their dreams.
Now we are hunting for the right property in a congenial place to live!
A common question that is asked about younger clients:
"Where do young couples get the money for a down payment?
Some of them live with their parents and save money for it. But, if the parents are willing to finance their lovely kid's investment, they refinance their own home and help with the down payment. Some families buy a small unit and rent it out. After three to four years, they sell the property, and the sales profit will be the down payment for the new house. Or they just win the lottery!😉
Nowadays, many young people are financially independent, and some earn more than their parents.
If you plan to buy a condo, I can answer all your questions like these;
"Where are the most financially smart areas to invest in?"
"Where are the most reputable buildings in Toronto/Etobicoke/Mississauga?"
"Where is an excellent place to live with the kids?"
'What are status certificates?"
"How can Kitec pipes affect my insurance payments?"
and many more…