Living up, or living out – where are families headed in Toronto?.
If you’re a familiar with my writing you’ll know that I’m obsessed with trends around family housing. I’ve written about it a number of times, and was recently inspired by an industry survey which revealed that many city builders believe that going forward, families are more likely to “move up” (urban density) as opposed to “move out” (suburban sprawl).
But why condos? And why now?
The Right Conditions
We implemented a greenbelt around the city and started directly promoting urban intensification. At the same time, there is an overarching return to cities movement. People of many demographic segments now see the value of walkable communities over car-oriented ones. This led to today’s unprecedented condo boom.
Millennials are starting families
For much of this condo boom, the target market has been young Millennials. Now that this demographic is ready to start having children, policy makers are trying to encourage more 3-bedroom condo suites.
More 3-bedroom condos suites for sale
Developers have continually pushed back, saying 3-bedroom suites don’t sell. However, I think we'll get there. If we look at Scenic on Eglinton and Studio on Richmond, 10% of the suites are 3-bedroom designs.
As a Millennial who lives in a downtown Toronto condo, I continue to believe that we will see more, not less, families living “up” as compared to previous generations in this city.
Let’s take a closer look
Here’s what the 3-bedroom looks like at Studio:
It’s about 1,293 square feet, which I think is a perfectly reasonable family size. And I’m told that prices start at $739,900, which I also think makes it competitive with low-rise ground-related housing. However, if you look at both housing and transportation costs together (which I don’t think a lot of people do), then you might find that living in a walkable and car-optional neighborhood actually has many financial benefits.
Click here for more information about Studio.