It’s tricky to predict exactly how the real estate market will perform in the future. However, knowing the trends can help us better understand where it’s headed.
Here are some trends we’ve seen in 2019:
🔑 Condos were the BIG winners : According to the Altus Group’s report 2019 is among the top four years ever for condo sales.
More families are choosing to live and raise children in condos as lifestyle preferences change to value live, work and play close to home
As home prices rise and become more unaffordable, more people are pushed into condo living
🔑 Studio units are a popular investment : with soaring prices, more people are now considering smaller units that allow them to get into the market with lower capital investment.
🔑 Co-ownership : as prices continue to rise, more people are keen to form partnerships and invest together in joint ventures by sharing the downpayment and investment risk. It is a fantastic way to get into the market!
🔑 Co-living: larger two bedrooms + condos are also gaining popularity as more people want to live together. We live in very ‘social’ times and people enjoy the idea of coming home to friends than living along. When looking at rental prices, studio units in downtown Toronto rent for $1,800 – $2000 per month, and a one bedroom in a larger 2 beds + unit rents for $1,400+. For people who do not want to live alone, renting a larger condo with friends or roommates at lower monthly rent but with a larger living and/or dining area and kitchen is a great option!
🔑 Children’s play areas: newer condos are now accommodating evolving lifestyle preferences and are including children’s play areas in their amenities. This allows families to take an elevator down for their children to have a larger play space (weather protected), get to know their neighbours and make friends – creating a sense of community.
🔑 Smaller kitchens : a couple of downtown condo buildings completed this year did not have stoves in their kitchens hinting to evolving lifestyles as meal prep and delivery services continue to gain popularity. We live in disruptive times where almost everything can be delivered to your home’s doorstep by a one-step click process right fro your phone. People feel empowered using these services that provide critical time savings in their very busy daily lives.
