When a family starts hunting for a home to buy, it’s common for them to rule out living in a condo. Condos are known to offer less square footage space, despite their other perks, but some condo developers are looking to remedy that.
The price of homes in Canada’s housing market continues to climb to new highs with the average price reaching $419,699 in October, a seven per cent price boost from the previous month, according to the Canadian Real Estate Association.
While condos might be attractive options as a rental property or a place to live for millennials and boomers, more families may consider moving into a condo since it may be the only option they can afford.
According to Statistic Canada’s recent National Household Survey, one in eight households live in a condo with 76.8 per cent of condo dwellers living in Canada’s ten largest cities. Currently singles make up the bulk of Canadians who live in condos at 45.5 per cent.
“I think we have an affordability issue and we will see more and more people living in condominiums”, Benjamin Tal, deputy chief economist of CIBC World Markets told the Financial Post.
“I think in big cities like Toronto you will see more families living in the condominium market. That will be the next leg of the condo market, instead of small condos we will see larger condominiums.”
With fewer Canadians upgrading from their starter home, condos are looking to offer family-friendly amenities to attract them to stay.
The Times Group is building its Pre-School Play Centre, its first playroom, at the River Park Project in Markham. The project houses 607 units within three buildings and a 300-square-foot playroom is in the works. It plans to pack features a kid would enjoy such as an indoor climber, tables and chairs for the little ones and even WiFi for the adults, according to the National Post. The development is also considering an outdoor playground, but safety details need to be sorted out.
Menkes Development is also slated to open its first children’s playroom in The Eglinton building, a 34-storey tower that’s set to open in 2018, according to the Post. The 500-square-foot playroom will be packed with similar features, along with beanbag chairs and it’ll be shared among the residents of the 445-unit tower.
Tridel’s Islington Terrace will feature an outdoor Children’s Play Zone with a splash pool and an indoor Children’s Play room for families and Concord Adex’s Newton Condos amenities include an art, dance, photography and music studios, along with an interactive learning playroom.
For those looking to meet others in their condos, a Vancouver resident created Bazinga, a social network that connects you to your neighbours. It offers residents a space to discuss condo issues, set up meetings or ask for help.
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