December 2013
For the first time in history, cities represent over 50% of the world’s population. As more people migrate to cities, communities must deal with the challenges of increased urbanization.
Canada leads the way at embracing these challenges and condos have proven to be a desirable form of urban living for adults of all ages.
In Toronto the many advantages of living in the city have helped fuel growth in condo living. These advantages include easy access to buses and subway, shopping, entertainment, socialization, restaurants, movies and theatre. Also fueling the growth of condo living in the city are longer commute times, increasing gas prices and the cost of parking.
Condo living transcends demographic groups. All ages have migrated to condo living for its easier lifestyle, amenities, access to services and cost. Furthermore, downtown condo living has become a viable rental option for many as their first home away from the family nest.
Condo living is less expensive than living in a house and can provide many amenities along with access to entertainment, shopping and transit. This is important since the proportion of those under 35 who do not own a car has been increasing since the 1980s. When good transit and a smartphone are what is required to be mobile, a car becomes a costly and unnecessary expense. More people now live close to where they work which makes walking or a bicycle more practical. Public transit is reserved for longer distance travelling or inclement weather. This is all enhanced by more walkable areas and a reduced commute time. Businesses have recognized this trend and are now relocating in downtown areas rather than in more distant suburbs in order to attract this young and skilled workforce.
And it is the condo that has made this possible. When compared to a house, a condo is a smaller and less costly method of home ownership often closer to where one works, shops and entertains. In many areas, such as the Yonge North Corridor, it is also close to a working public transit system. A larger population in a smaller area means more stores, transit, movie theatres, restaurants and other forms of entertainment. The smaller size of condominiums is generally considered adequate for singles. For those who are married and/or with children, condominiums may be less desirable and may have to change in the future to accommodate this demographic.
