Condominiums are the fastest-growing real estate category in Canada’s housing market, and the most dominant representing portion of these real estate purchases, are Millennials. 60% of Toronto home sales and 30% of condo sales are Millennials, now earning salaries and moving out of student housing or their parent's basements into more permanent homes.
Developers have been hard at work stocking their condos with amenities to attract this generation of homebuyers. Today’s condo market is saturated with developers advertising luxury swimming pools, games rooms, theaters, and state-of-the-art fitness centres. Though these amenities have become the norm, they don’t always stand out to a generation of Millennials that value creativity, advocate for the environment, and expect innovation. According to my experience this demographic, purchasing a condo, a sauna or catering kitchen won’t necessarily win them. So what’s really important to this generation of Millennial women dominating the condo market? Below I’ve compiled a list of amenities that would be sure to win me over while shopping for my next home.
Vibrant Streetlife: Living in Toronto majority of the dwellers prefer walking around and the most ideal street scape preference is commuters running to and from work, thriving pedestrian space with cafes, patios and shops. Spaces and shops where people sit and have coffee with friends, shop everyday essentials.
Accessible Greenlife: Studies have shown that 'Greenspace is effective in reducing stress and improving mental helath and work performance.' So it is important for Millennial home buyers to have parks, a leash free zone, or a garden in the condominium or at a walking distance.
Environmentally Sustainable Measures: Environmentally sustainable is more important to Millennial home buyers than a luxury spa, tanning booths, or a film screening room. According to a study conducted by Forbes, 75% of Millennials polled said that it’s either fairly or very important that a company gives back to society instead of just making a profit. LEED Certification is becoming increasingly important to homebuyers across the board and features like ENERGY STAR appliances, rainwater recycling for irrigation systems, better waste removal, low-water consuming fixtures, and energy efficient lighting are becoming the norm in condo development.
Bike Service Station: A condominium with a bike servicing station would appeal to Millennials who are beginning to invest almost as much money in their bicycles as former generations would in a car! A dedicated space for bike repairs could include a stand, some tools, a good pump with a variety of valves, and a sink to wash the grease away before hitting the road.
Fitness: Fitness is a big part of my life, but making time for it between work, grocery shopping, and socializing can be difficult. A condo that uses its fitness spaces to host fitness classes is helpful for young professionals trying to maintain a balanced lifestyle. Having yoga, pilates, or kickboxing classes in the condo cuts down on transportation time to and from the studio and also means that I don’t have to wake up at the crack of dawn or lug my gym clothes and yoga mat to work with me after class.
Entertainment: One drawback of living in a condo is the lack of space for creative activities such as painting or jamming with friends. Condos that have reserved spaces specifically for musicians to jam with friends or visual artists to work on their craft would definitely appeal to the Millennial crowd.
What amenities would you like to see in a new condo? Let us know in the comments below.