The Latest Data Shows Young Canadian Families Opting for Condo Lifestyle
The industry figures across Canada’s larger cities show that growing Canadian families are now selecting condos rather than traditional larger homes. This trend is the result of a range of factors, including the increasing availability of condo buildings in close proximity to amenities, as well as the quickly growing price of detached homes in major cities such as Toronto and Vancouver.
With the changing trends for young families, many condo developers are now moving towards building larger properties that can accommodate two parents and a number of children comfortably. One notable Vancouver condo developer, Mosaic Homes, has experienced this trend firsthand. Their marketing manager Geoff Duyker had the following comment on the change in family living requirements:
“We’ve seen customers coming to us asking for larger homes and we’ve been able to incorporate them into the planning of future projects.”
Geoff Duyker Marketing Manager Mosaic Homes
The changing way in which families are living is also impacting urban planning across a range of communities in Canada. Schools and park areas that would otherwise be formed in the suburbs of major cities are now being planned within areas closer to the downtown core in Toronto, Hamilton and Vancouver. Urban Planning Professor at Queen’s University, John Andrew believes this is the continuation of a long-running process:
“People are really changing their expectations about what the ideal form of housing is and I think a lot of those families will end up remaining in condos.”
John Andrew Urban Planning Professor at Queens University
By keeping track of the latest trends, investors and other Canadian real estate stakeholders can gain a better understanding of what the future holds for the marketplace. It’s clear that our culture, as well as the real estate market, is now evolving at a rapid, exciting pace.