With the development of many new condos in Toronto, living in one has almost become the norm these days. According to many studies, people, especially families, prefer the vertical style of living in high-rise buildings. This is because buying a new condominium seems to be an affordable and safe option.
Let us take a detailed look at who these buyers are, what they are looking for and the recent trends in condo development in Toronto.
Who are the Condo Dwellers?
Research shows that most of the buyers belong to any one or more of the following categories:
- Single residents who often prefer living with roommates
- Born outside of Canada
- Fit in the age group of 35 to 40 years
- Prefer to drive to work
According to the current and future impact, urban dwellers can be divided into the following three main groups:
- Mature Suburban Residents with High Income
This consists of the senior generation whose kids have grown up and settled. They are most likely to downsize their homes and look for accessible facilities for a comfortable and convenient life. - People with Middle to High Income
They are the well-educated citizens, often single and most likely staying in rentals. Although they prefer smaller units, often with roommates, their preferences may change in the future. - Younger, Middle-Income Buyers
They are the multi-cultural dwellers who are most inclined to buy and own a new unit.
What Do the Buyers Look for in New Condominiums in Toronto?
Here is what the property buyers in Toronto typically look for when buying a new unit:
- Family-friendly units in a good location
- More space for strollers and a play area for their kids
- Security measures to give them peace of mind
- Schools, parks, libraries, and community centers near the building
- Excellent transportation nearby to ensure connectivity
Recent Trends in Property Development in Toronto
Research has revealed that the potential buyers are dissatisfied with the kind of new developments in the city. It is a common belief that the builders are not addressing what the older dwellers want in terms of accessibility and lifestyle, and are not planning for what younger buyers may want in the future.
Buildings that have one-bedroom units, with movie theatres, party room, lounge facilities, and other similar amenities are likely to see their projects fall out of demand. This is because the boomer homeowners will soon become older residents, leading to an evident shift in urban dweller demographics.
This is why developers should build more apartments and new condos in Toronto that embrace the changes and varying preferences of their residents. It would be beneficial to create units for singles, couples, and young families with convenient amenities that can grow into a neighbourhood.
Luxurious Living in the New Condos in Toronto by The Davies
If you want to buy a new condo in Toronto with comfortable space and all the required facilities for convenient living, The Davies has luxurious and sophisticated units waiting for you. We offer a variety of high-end features including private access elevators, continuous terraces, contemporary kitchens, spa-inspired baths, and more.
For more information about our condominiums, reach out to our sales team by calling 647-360-9588. You could also fill out our online form to register with us and view our floorplans.