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By Penelope Graham, Zoocasa
Special to the Financial Independence Hub
It used to be that high-rise living was the domain of young professionals and couples; those who were happy to sacrifice outdoor and living space if it meant dwelling close to all conveniences of the downtown core. However, as real estate prices in Canada become less affordable for the average family, the idea of “moving up” in the market has taken on a whole new meaning.
Priced out of traditional low-rise homes in the biggest urban markets — prices hit $707,269 for Toronto townhouses in July while all home types rose above the million-mark in Vancouver– those with kids in tow are increasingly embracing the condo lifestyle. That means the industry — from developers to municipal planners — is taking notice.
Here are four emerging trends we’ve noticed as condos become more popular with growing families.
Demand for larger units
Not so long ago, micro-units –- apartments under 500 square feet — were considered the future of condo dwelling. You could fit loads of them onto a floor-plan plate, and young homeowners and renters enjoyed their sleek and modern aesthetic. Now, though, the pressure is on developers to increase their unit sizes and to include more multiple-bedroom units in their builds.
