Should you be considering the transition from a detached home to a condominium, it's essential to recognize that condominiums vary significantly in their offerings and quality.
After years of selling hundreds of pre-construction and resale condos, there are a few things that stand out to me as the most important factors to consider when looking to downsize.
Let's get into it.
Quick Summary
- The population growth has fueled demand for housing, leading to a surge in real estate prices and development activity.
- There has been a surge in condominium construction to accommodate downsizing homeowners, with the number of condos increasing by 52% between 2016 and 2023.
- Downsizers are increasingly choosing condos over detached homes, with condo sales representing 43% of all residential sales in Toronto.
Midtown
- ANX // Freed - Dupont + Spadina
- Maven // Empire - Avenue + Dupont
- Auberge // Tridel - Eglinton + Leslie
- 321 Davenport // Alterra - Davenport + Bedford
- 900 St Clair // Canderel - St Clair Ave W + Alberta
- Uovo // Sher Corp - Yonge + Davisville
West End
- Edenbridge // Tridel - Humbertown Plaza
- Kingsway Crescent // Dundas + Humber River
- Bijou on Bloor // Plaza - Bloor West + Jane
- Junction Point // Gairloch - Dundas + Anette
- Mirabella // Diamante - Lake Shore + Windermere
Downtown
- Aqualuna // Tridel - Queens Quay + Lower Sherbourne
- One Yonge // Pinnacle - Queens Quay + Yonge St
- 123 Portland // Minto - Portland + Adelaide
East End
- The Poet // Fieldgate - Queen E + Leslie
- Terrasse at Hunt Club // Sunrise Gate - Kingston + Warden
Downsizing Trend in Toronto
Toronto is experiencing a significant shift in its housing landscape as many homeowners, especially those aged 65 and older, are choosing condos over detached homes. This trend reflects a desire for a more manageable lifestyle, with fewer maintenance responsibilities and easy access to urban amenities.
Downsizing homeowners are driving condo demand, shaping Toronto’s real estate market and fueling further condo development [1].
Essential Tips for Downsizing to a Condo
When downsizing, certain factors can greatly impact your experience. Here are some key points to keep in mind:
- Opt for Lower Density: Avoid condos with high renter density or Airbnb units. Lower density buildings are quieter and typically offer a more enjoyable environment with fewer disruptions.
- Choose Boutique Buildings: Boutique condos (typically under 100 units) offer a more personal and manageable experience. They often have fewer elevator issues, quieter hallways, and higher resale values due to limited availability.
- Weigh Pre-Construction Costs Carefully: Pre-construction condos can be 10-20% more expensive than resale units. While the appeal of a brand-new unit is strong, make sure you’re not overpaying. Always explore comparable resale options, as they may offer more value.
Real-Life Downsizing Story: Stay Flexible
One of my clients, a couple ready to downsize from their 5-bedroom home, initially planned to buy a $1.7M pre-construction condo in Midtown. Before they committed, I showed them a comparable resale condo nearby. They were surprised to find it $400K cheaper and ended up purchasing it the same day. Now they’re renting it out until they’re ready to move in.
Lesson: Stay flexible, consider various options, and remember that pre-construction isn’t always the best choice.
Downsizing Made Simple
The demographic shift towards downsizing among Toronto homeowners, particularly those aged 65 and older, is reshaping the city's real estate landscape.
With a significant increase in condo construction and a growing preference for urban living, downsizing individuals are driving demand for smaller housing options. As Toronto's population continues to age, this trend is expected to persist, highlighting the importance of catering to the evolving needs of homeowners in the city's housing market.
If you want more info on any of the above or have questions please reach out at jordon@precondo.ca and check out Precondo.ca.
References:
- https://apartmentagents.com/2017/03/01/large-apartment-buildings-versus-small/
