Condo living is “right” for just about everyone

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By Barbara Lawlor
Recently, I was looking at the Canada Mortgage and Housing Corp. website, where users can download the “Condominium Buyer’s Guide,” which contains a section called, “Is condominium ownership right for me?” It occurred to me that nowadays, condominium living is “right” for just about everyone. The surge in condo sales across the Metro Vancouver area over the past decade, and the widening demographic of buyers are evidence of the popularity of this lifestyle. People of all ages are seeking homes that offer ease of living to help them find some sort of life balance with their frantic work and school schedules. Simply put, in a condominium, residents have more time for leisure activities, because maintenance on the exterior and common areas is all taken care of.
Of course, price is a factor, now that the average price of a lowrise home in the area has exceeded $700,000. Entering the market is financially challenging for first-time buyers, and for many of them, a compact condo suite is an affordable “starter” home. Growing families have the expenses that come along with raising children, so an attainable price point is appealing. Raising children in urban areas is a familiar concept with people who immigrate here from Europe, the Orient and other countries. Vancouver, and in fact the Lower Mainland, have good school systems, and every municipality is dotted with natural areas such as lush parks. Even in the heart of Vancouver, you can walk your dog and take the kids to the park to play.
Empty-nesters and seniors are finding it challenging to live on their pensions and/or savings, so economically, a condominium makes sense for them as well. Most condominium suites are single-level designs, which is great as our joints become a bit stiffer with age and mobility issues arise. Going to the pool for a swim, heading to the fitness centre for an aerobics class, or meeting friends for a game of bridge in the lounge can be just an elevator ride away. Hosting family events such as birthday parties, baby or wedding showers and the like is a breeze when there’s a party room right in the building.
Busy professionals appreciate condominiums’ locations close to transportation nodes, and all buyers like being able to access amenities under their roof. Single women and families feel safer in a condo, where they have security measures in place and a concierge at the main entrance providing eyes on the street.
Roommates are pooling their resources and buying condos to start earning equity. I know of parents who are buying condo suites for their grown children to live in while attending university, then selling them after a few years. Some buyers select a two bedroom suite and rent out the second bedroom, and there are also those who buy strictly as an investment. With the population of Metro Vancouver growing by leaps and bounds, condominiums will be in demand for years to come.
In anticipation of and in response to these evolving demographic needs, our superb developers have been expanding on the wonderful amenities included in condominium residences. In essence, these buildings are vertical communities where people get to know each other by meeting in the hallways, elevators and amenity spaces. From welcoming lobbies that become your second living room, to glorious terraces with barbecues, lounge seating and any number of other fabulous features, today’s condos are every bit a “home” as detached houses.
You never really know where life will take you, but whether you are 18, 30, 50 or older, I think there’s a good chance that at some point, you will opt for condo living.
By Barbara Lawlor – president and CEO of Baker Real Estate Inc., and an in-demand columnist and speaker. A member of the Baker team since 1993, Barbara oversees the marketing and sale of condominium developments in Canada and overseas.
Original source: NEW CONDO GUIDE April 17 – May 1, 2015