2018 is forecasted to be a big year for millennials in the real estate industry. “Peak Millennials” or those born between 1987 and 1993 are starting to branch out and leave the nest. They are reaching the age where they are ready to start their own lives by buying their first homes. Although high property tax might make it a little more challenging, it is estimated that 87% of millennials intend to buy a home at some point in their lives. Owning a home is extremely expensive, especially in Toronto and the surrounding GTA, and that is why condos have become the perfect starter home. Not only are condos the ideal first steps, the parents of these millennials are also moving into them. As millennials move out to start their new lives, baby boomers are stuck living in their big homes all by themselves. This invokes feelings of loneliness and grief, also known as empty nest syndrome. Now that their children are leaving the nest, these older generations would be much happier and more comfortable in a smaller space, hence why they are also moving into condos.
The Benefits of a Condo in Downtown Toronto
Downtown Toronto is a world in and of itself. Living in Downtown condo gives you the access to its entirety at your disposal. Whether you want to be located much closer to your job, want to see a show at one of the many historic theatres, shop at one of the largest malls or quaint little boutiques, or just go out for a midnight meal, all of that can be reached in minutes while living in Downtown Toronto. It is the perfect option for young professionals and older adults alike. In addition, being located in Downtown Toronto provides convenient access to public transit to all major points of the city.
Those who live in the busy city of Toronto are usually accompanied by an extremely busy lifestyle. If you constantly feel like you do not have enough hours in the day to get everything you need to done, then condo living is right for you. Many of the amenities located right on the property make it easy for you to get all your tasks done without having to ever leave the building. Most offer a space to do laundry and a gym, so now you have no excuse to miss out on a workout. In addition, for the baby boomers looking to move into a condo for diminished responsibility, you do not have to worry about taking care of all the outside work. Think about how great it will be to not have to shovel the snow during those pesky winter months! With all this extra time on your hands, you can try picking up a new hobby to show your children when they visit over the holiday season.
Numbers Don’t Lie
Due to all of these benefits, the demand for condos in Downtown Toronto and the GTA continues to grow at an exponential rate. According to the Globe and Mail, it has been estimated that the proposed apartments in the GTA passed 380,152 units in 2017, a 6.4 percent increase from 2016. This number will continue to rise as individuals of every age start to realize the beauty that is condo living.
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