An Emerging Homeowner’s Culture and the Condo Era

With the emergence of modern home improvement and design concepts, contemporary homes are increasingly becoming an extension of our distinct character and personality. Today, a condo development project can effectively capture our unique tastes and lifestyle with the adoption of emerging aesthetics and culture that define the current trends in modern home developments.

Modern style and convenience are extremely important for homeowners in Toronto. In a recently conducted industry poll, results showed that Toronto homeowners are going for condo living primarily because it requires less maintenance. Further, a greater number of Toronto residents are inclined to pay higher maintenance fees for their homes compared to residents in other large cities in Canada.

Torontonians acknowledge the fact that the myriad of advantages of cosmopolitan living has ushered in an emerging segment of homeowners that are shifting towards vertical urban condo living. In fact, one out three homes that moves out of the market in the Greater Toronto Area come from the condo segment. In addition to this, six out of 10 home resale deals in the GTA involve condo units.

When you are seriously shopping for some good buys in the condo segment, your agent will most likely advise you to treat the offers as conditional proposals pending the receipt of a certificate of status. This document certifies that the seller’s status is current specifically on the payments of his common obligations. This certificate also presents the details of the finances of the condominium corporation. It is also important you get copies of the documents that define how the condominium corporation is governed. You will have to shell out $100 for the certificate of status and you must be in receipt of this certificate 10 days from filing of request.

You must be properly guided by your agent in assessing the amenities of the condo property. An informed condo buyer will see these amenities as composite elements of the condominium unit. This means that you will have to look for premium amenities in the condo property. These will include fitness facilities such as current pools, spas and even yoga studios. You may also have to consider condo properties with billiard lounges, lush gardens, fire pits and gas barbeques and even companion animal washing stations. In fact, you are definitely making a sound investment if you are going to choose units in condo properties developments that have room and housekeeping services, bars, theaters and libraries.

In its general sense, modern condo property developments have established a cosmopolitan community within the larger urban community. While most condo development projects are targeting young adults who value proximity to and convenience of urban living, they actually account for just one segment of a burgeoning urban market. In the same industry poll conducted in Greater Toronto Area, nearly 4 out of 10 young adults are seriously planning to start and raise a family in a condo unit.

The seniors are emerging to be a dominant force in the condo market segment. In fact, we are now seeing an increasing number of condo development projects that are positioned to meet the needs and preferences of these condo buyers. Thus, we are now seeing condo properties that feature amenities like gourmet restaurants, cafes, salons, greenhouses and reading rooms. This major development in the condo segment is given an added impetus by the relative edge of GTA properties compared to those in other large cities in Canada in terms of affordability.