Who’s Buying Condos?
Recent polls have proven what I’ve noticed for a while – that more and more Canadians are choosing condominiums for their homes. In some cities 35% of those polled said they were likely to purchase a condo, which is similar to my own client statistics.
So who’s looking for condos as their new home? Just about all walks of life are inclined to do so. First-time homebuyers are attracted to condos as a more affordable option that allows them to start building equity and to use that capital to move up into a single family home when the time comes. They often don’t have the expendable cash to spend on repairs and maintenance that comes with a freehold, like a new furnace in the middle of a cold February night.
Then there are the young professionals, men and women alike that need a maintenance-free property that allows them to pursue their favourite past times. Condos allow them time to relax or partake in sports and activities that would normally be spent mowing lawns, weeding, shovelling snow and repairing fences…and the list goes on! This demographic tends to need less room and is willing to live in the now.
We all know that Baby Boomers are a huge demographic in Canada and a lot of them are opting out of their big labour intensive homes and into condo-life. Many own multiple properties, including vacation homes that they like to frequently visit for extended periods of time. The luxury of leaving behind a home that will be protected and maintained without any effort on their part is very attractive, especially to “snowbirds“—Canadian retirees who winter in the Southern United States. Aging men, women and couples have also opted for homes that require less work so they can enjoy the comforts of retirement instead of continuously maintaining a large home.
As a realtor, I am always concerned about the potential resale value of the properties my clients purchase. Like condos, any property that has a growing buyer pool is likely to hold its value well.