October 31, 2017

Condo Living is Becoming the New Norm for Toronto Families

Posted by Fabiola Arevalo - Bellissimo Law Group PC

When downtown Toronto, you will find a diverse array of people who are shopping, going to restaurants, or heading out to catch a game. In the midst of it all, you will also find parents who are raising their children in small high rise condos instead of large houses in the suburbs.

This week, new data from the 2016 Census has revealed that 20.9 per cent of Toronto residents live in condos, which is up from 18.7 per cent in 2011.

There are approximately 994,000 families with children living in Toronto, and 13 per cent called condos their home, compared to 8.4 per cent across Canada. Subsequently, condominiums are now making up one third of new homes built in Canada between 2011 and 2016.

Why is this happening? Jeff Randall, an analyst with Statistics Canada believes the long held views on family residences may be changing, “Condominiums represent an alternative to perhaps the traditional ideology of home ownership, which may be attached or steeped in this white picket fence, single-detached home ideal.”

Condo families are developing close relationships with one another that you would usually find in small-town neighbourhoods. Many families are stating that they were introduced to their closest friends through common areas they share, such as courtyards, pools and party rooms as they create a sense of community within the condo. Many condo buildings have social media pages, such as Facebook, which allow the residents to form a community forum useful for finding a babysitter or sharing household items.

However, there are pros and cons to everything. A definite downside to condo living is the fact that you can’t just open your door to a backyard and allow your children to run freely. Or, the fact that you have to wait for an elevator to get up to your home. Nonetheless, many condo families have chosen convenience over commuting, especially due to the traffic in Toronto during the morning and afternoon rush hours. Many families say they would rather live in a smaller space and pay a cheaper mortgage than spend 3 to 4 hours a day in a car and still be paying their mortgage when they are retired.

Debating whether condo living in Toronto is right for your family? Click here to read more.