While owning a detached home is still a dream for many homebuyers in the GTA, a growing number of families are looking to settle down in condos. There are many benefits associated with condo living, and there’s no doubt that the right unit can be a great place to raise kids. That said, not every building is fully equipped to accommodate them.
If you’re thinking of buying a unit, it’s important to carefully assess the needs of your family—and be aware of the features and amenities that will serve you well in the near future. Before you make a purchase, here’s what you should know about family-friendly condos.
Affordability challenges are impacting many Toronto home hunters. A large number of buyers are in the market for studio units right now, in part because they’re typically available at lower price points than other condo types.
Of course, it’s not just young professionals who are considering less-costly housing options. Families are also looking for spaces that will work with their budgets—and their space requirements. Often, condos fit the bill.
Preferences for urban lifestyles are also boosting the demand for units with greater square footage. Many new parents are accustomed to living in the city’s core, and a move to the suburbs may not make sense for them.
As demand grows, the competition for family-friendly condos is increasing. That said, finding a unit that meets your needs is far from impossible. Before you decide which type of housing is right for you, consider some of the benefits that condos have to offer.
Condo living benefits for families
For families, here are three of the biggest advantages of condo living:
On the one hand, increased demand for condos has lessened the average price gap between units and detached homes. On the other, the cost difference is still significant for many families. Raising kids is expensive, and paying less for your home can make a lot of room in your budget. That extra money can reduce ongoing financial strain and (potentially) allow you to save up for things like vacations and university tuition.
Less upkeep & maintenance
If you live in a detached house and your furnace breaks down, it could have a major impact on your family’s budget. You’ll also need to put many hours into mowing your lawn, shovelling your snow, and performing minor repairs. If you live in a condo, the amount of upkeep you’re responsible for can vary from building to building. That said, your condo fees will go toward general maintenance, so you can expect to have more time and money for your family.
For those who live in the suburbs, commuting can eat up a lot of time. Living in a centrally-located condo often means being closer to work, school, and extra-curricular activities. Urban neighbourhoods also tend to be highly walkable—and offer convenient access to transit.
What to look for
Some condos are better at meeting the needs of families than others. Here’s what you should look for in a family-friendly unit.
Think beyond the number of bedrooms you need to consider how your family uses your current home. How much play space do your kids require? Should this space be separate from your living room? Home buyers often underestimate the square footage they’ll need—and the importance of a functional layout.
From strollers and bulky play equipment to seasonal outerwear, raising kids means accumulating possessions. A family-friendly condo will have plenty of storage space to stow these items. When you’re considering a unit, factor in the dimensions of all closets, overhead cabinets, and (if relevant) storage lockers.
On-site amenities are one of the biggest benefits of condo living—and when they’re kid-friendly, they can make life a lot easier for families. Play rooms and all-ages pools are becoming increasingly common, and many developers are designing greenspace around new buildings to meet the needs of families. You might also want to consider proximity to parks and recreational areas—such as basketball courts and soccer fields.
Are you ready to find a unit that will work for your family? A real estate agent with condo market expertise can answer your questions—and help you discover what’s available on the market.
Looking to invest downtown? We know the downtown Toronto condo market! For over 35 years, our clients have trusted us to minimize risk, offer unbiased opinions, and ensure their best interests are served. Contact us today to talk about your needs, by emailing us at email@example.com or calling us at 416-441-2888 ext. 772.