Condo's Look Increasingly More Attractive For First Time Home Buyers
For many millennials looking at buying their first home, they will find the condominiums increasingly more attractive as home ownership becomes increasingly more difficult to attain. From the latest regulation changes from the government the housing market has become increasingly harder for first time home buyers to get into.
Because it is harder to get a foot on the market the first time home buyers are now looking to condos as an affordable first home. This is going to raise the number of new development condominium buildings, with a specialty on lifestyle condos that are built with special services to accommodate your lifestyle.
“The proportion of households living in condominium units is likely to rise,” said Michael Wright of Toronto planning.
Condominiums are the perfect start for first time home buyers looking to get their foot in the door, or for current homebuyers that may want to downgrade from their current big detach homes. Traditional developers who were more focused on smaller sized units are also recognizing that condos are the new family home, and catering to this new growing market.