When I started in real estate in 1985, condos represented 5% of the market. You could buy for $100 a foot ( now $500 – $2,000 a foot) and some people simply did not get it.
Why would I buy an “apartment when I can buy a house with land?” They would ask.
Judging from the astounding sales statistics on new homes across the GTA during the past few years, condominiums have now definitely found their place as an established part of the fabric of our lives.
Now, condos represent over 50% of all sales which is at the same time amazing, and inevitable. In general, condos have overtaken traditional low-rise homes as the preferred lifestyle choice! And with our aging population and generations of young people coming up through the ranks leading hectic, stressful lives, the appeal of carefree condominium living is sure to continue.
It’s interesting, really, that the idea of the condominium has its roots in ancient history. Apartment-style living goes back to the early Roman days, when people had a room or suite of rooms within a larger structure. As time went on, the apartment building morphed into the high-rise condominium, as people valued their lifestyle enough to want to own their piece of their residence.
It’s also fascinating that what used to be the domain of empty-nesters looking to downsize for maintenance-free living, now offers one of the few affordable housing options for first-time buyers. Young professionals are drawn to the excitement of living in buildings with spectacular amenities for entertaining, exercising and socializing. In addition, condominiums are attracting families who appreciate the security and convenience these residences bring.
When it comes to real estate in the GTA today, remember that condominiums are here to stay!