Affordability is proving to be the greatest driver for the high demand of condos for sale downtown Toronto and the Greater Toronto Area. Over the last half a decade, condominium sales have been taking up a significant percentage of total residential sales in the Toronto market and this demand is largely due to increasingly more affordable condo prices. Although the market has also seen hikes in pricing, many property buyers still find condos for sale Toronto to be more affordable and a better choice of investment as opposed to other more traditional property types.
Apart from perceived affordability, however, there are many other drivers to the great demand for condominiums in Toronto, such as population growth, immigration, and modern lifestyle choices. Many people are also choosing condos for sale Toronto because they are deemed a more convenient option than traditional housing, tucked in the suburbs or some other part of town, away from local amenities. Condominiums are generally designed to be close to everything, which cuts people’s commute times significantly, all while providing better transportation alternatives, and access to work and recreation.
Even though demand is pulling the price of condos for sale downtown Toronto upwards, many are still drawn to the unique appeal of these properties. As a matter of fact, condominiums are not only a popular choice among modern and younger home buyers. Even the boomer generation are turning to condominiums as they choose to downsize from their large family homes, mansions, and penthouses to more accessible and manageable suites. Some invest in condominiums so they can have a lucrative source of income by renting the property out when not in use. Others still buy condominiums so they won’t have to worry about tedious home maintenance as they adopt a travelling lifestyle. There are many other drivers to the great boom in the condo market, the world over, and these are only some of the most relevant reasons why Toronto’s property market is currently dominated by condo units.
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