Tag Archives: urban centre
Younger Canadians are looking at condos as more than just starter homes â€” many are willing to stay and raise families in them. That’s one of the findings of a recent Ipsos Reid survey conducted on behalf of TD Bank which surveyed 2,125 adults aged 25 to 59 living in Toronto, Vancouver, Montreal, Calgary and Ottawa.
Respondents were asked if they would consider living in a condo if they were planning to start a family and raise children. Canadians aged 25 to 44 indicated they are much more likely to consider raising a family in a condo than are those 45 to 59 (22% vs. 13%).
In the survey, conducted from April 27 to May 12, people 25 to 34 were the most likely to agree with the statement “Living in a condo is suitable for families with very young children” (46% vs. 40% among those aged 35 to 59).
“Attitudes towards families and condos may be shifting among younger people in urban centres,” said Chris Wisniewski, group product manager, real estate secured lending, TD Canada Trust. “Younger Canadians who bought condos as their first step into the housing markets have grown accustomed to the numerous benefits of the condo lifestyle, and many are considering extending them into the next phase of their lives.”
Condo popularity is growing.
The survey also found 35% of those polled are likely to consider purchasing a condominium as their primary residence. Their reasons:
* condos are easier to maintain (69%)
* affordability (57%)
* attracted to the “condo lifestyle” (45%)
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Not even those in Toronto may know how good they have it when compared with the rest of the world
By Barbara Lawlor – Toronto Sun
This is a particularly busy year for me when it comes to travel. Since January, I have visited Ft. Lauderdale, Miami, Atlanta, New York and most recently, Moscow. What a diverse range of cultures and new home markets.
Once again, I was reminded just how prominent Toronto is on the world stage as a desirable residential destination. I was also made keenly aware of how respected Canadians are as knowledgeable consumers, and what an optimum time it is to consider purchasing a second or vacation home in the United States.
Traveling in the U.S. is an eye-opener, with buildings sitting vacant and e-mails pouring in about properties being devalued because of the depth of that country’s recession.
In addition to the traditional Canadian practice of buying property down south to enjoy a warmer climate during the winter, we understand the value of owning real estate throughout economic fluctuations.
We are also used to putting down a substantial amount as a deposit and planning well for carrying a mortgage. And of course, our banking system is much sounder than in the United States. In fact, we have five of the top 10 world banks right here in Canada. Talk about having our act together.
We not only came through the recent recession relatively unscathed, but also condominium sales in the Greater Toronto Area roared back.
According to Urbanation, sales during the first quarter of 2010 represented the highest-ever number of first quarter new unit sales in the history of the Toronto Census Metropolitan Area, and were nearly six times higher than the first quarter of 2009. Canadians realize that even with occasional economic dips, real estate increases in value over time. And right now, buyers can own a vacation home in Atlanta, California and Florida for prices that will never be seen again.
As for Toronto’s popularity with immigrants and foreign investors, our sound, stable economy is high on the list of desirable features, along with our peaceful democratic society.
And as I have said time and again, our prices in Toronto are still undervalued on a world scale. For a second home, vacation home or investment property, a condominium in our city is extremely appealing to Eastern Europeans. The Russians were impressed with the quality and choice we offer here as well.
Another big draw is the fact that Toronto is one of the world’s most cosmopolitan cities — and one of its safest. In fact, a recent report ranked Toronto second only to a city in Slovenia with a population of 267,000, and we have 5.5 million people.
Envy of the world
And of course, our lifestyle is the envy of the world, with excellent schools, world-class shopping and entertainment, and some of the most inspiring cultural institutions on the planet.
No wonder so many immigrants want to move here and investors want to place their money in our condos.
At Baker Real Estate Corporation, we have realtors approaching us from a remarkable array of continents and countries such as Asia, India, United Arab Emirates, Russia, Sri Lanka, Thailand, France, Belgium, Germany, Ireland, New Zealand and Australia.
These people embrace the concept of condominiums, because they’ve grown up in high-rises in major urban centres. They are used to apartment-style living in the hub of the city, with jobs, public transportation and amenities at their doorstep.
Many buyers own properties in cities around the world, and for them a condominium suite is handy when they’re here on business or on holiday. For some, it may be a compact pied-à-terre; others prefer a spacious penthouse to use for the same purpose.
The more I travel, the more I appreciate what we have here — literally one of the best lifestyles anywhere. We enjoy on a daily basis what many people around the world only dream of.
Whether you live here full time or just part of the year when you’re in the city on business or vacation, Toronto is a wonderful place to call home.
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