Bigger units, more luxury among trends
Condos to reflect consumer’s growing interest in architecture
Excerpt from an article by Gail Swainson, Real Estate Reporter, Toronto Star
Condo trend spotters can look to 2007 as the year of the bigger unit, housed in taller, greener more luxurious buildings designed by superstar architects, says a condo industry guru.
“Consumers are interested in architecture and are willing to pay a premium,” Jeanhy Shim, editor of Urbanation. “And you are going to hear more about the really luxurious condo this year”
“And green condos – a recent poll showed the environment is the No. 1 one concern among Canadians.”
Other trends to watch for in the condo market this year are hotel-style condos such as the Four Seasons and bigger, family-style condos.
Buyers can also expect condo construction to move to new areas of town, such as the West Don Lands and Regent Park.Greater Toronto’s condo market will remain strong in 2007, with about 13,000 units expected to come on the market. This compares with about 16,000 in 2006.
In fact, a condo is still the most affordable way to enter the housing market. A young couple with a combined income of $65,000 would qualify to purchase a 700-square-foot condo.
In 2006, 40% of all new homes sold in Greater Toronto were condos.
Shim said that despite rising interest rates and a cooling market, there is no sign the condo bubble is going to burst any time soon. “Condos are here to stay: They are a significant part of the market,” she added.
Toronto has North America’s largest condo market, with 157,000 apartments sold between 1981 and 2005.
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