Condos: the New Starter Home for Toronto Families
Raising children in Toronto is a choice that more and more parents are making. For families, a commute time of minutes means more time spent together. The right neighbourhoods can provide good schools, parks, entertainment and shopping all within walking distance. More and more families are choosing affordable condos over long drives home. A huge house in the suburbs is no good if there is never anyone home. My husband and I made the move to Toronto from Oakville the day it took him and our daughter 3 hours to drive home one snowy night.
More and more builders are thinking in terms of great accessibility for families. They are being encouraged by Toronto city councillors to plan for up to 10% for the units they build to be three bedrooms. Builders are also starting to add more common elements like playrooms, playgrounds, study rooms and even nursery schools.
Lower prices are also a big factor. In June in central Toronto, the average detatched home was $1,471,608 and the average semi was $893,850. The average condo was a much more affordable $509,401. Some experts are predicting prices to double in Toronto over the next 25 years. Many families worry if they don’t get into the market now, they will never be able to.
As prices rise, condos become the only affordable entry point into the Toronto market. A family friendly agent who knows the area and the market can be a lifesaver for busy families. If you are looking to become first time buyers, give me a call, I’d love to help!
Pictured, above: Huntington at 1888 Bayview Ave.