Zoocasa
Sold Prices
Calculator
Map
Market Insights
  • Blog Home
  • For Buyers
  • For Sellers
  • Real Estate News
  • Mortgage News
  • Free Guides (PDF)
  • Infographics
  • Zoocasa News
Zoocasa
Home Condominiums

Why Condos are Gaining Popularity in Major Canadian Cities

Zoocasa by Zoocasa
May 30, 2011
in Condominiums
3 min read
Share
Tweet
Share
0 Shares

by CanEquity

Affordability and Healthy Living Play into Homebuyer’s Buying Decisions

Recent surveys have shown that prospective home purchasers in major urban areas, such as Calgary and Montreal, are selecting the route of the condo. TD Canada Trust found that Montrealers are the most condo-interested group; 42 per cent of the residents surveyed citing cost and affordability as the major impetus for their condo-oriented position.

Condos were the more popular choice among the under 35 group, and those wishing to cut out a daily commute to the jobsite by living closer to downtown. However the majority of those Montrealers already living in condos, or 55 per cent, say they plan to move within six years.

In Calgary, 24 per cent of those who recently moved into a condo, or are currently thinking about it, cited their reason as a ‘downsize for retirement’.

Not surprising that Calgarians are thinking deeper about home costs; the Canadian Bankers Association recently reported that homeowners in Alberta are twice as likely to struggle to make mortgage payments than homeowners residing elsewhere in Canada. The report showed that delinquency rates are up to 0.83 per cent, from 0.17 per cent in 2007, the highest they have been since 1990.

CAAMP polls also convey that over 60 per cent of Canadians believe mortgage rates will rise in the next year.

Clearly urban Canadians are taking caution and re-examining their financials to see if a condo better suits their budgets. They also appear concerned with how friendly those living spaces are toward the environment.

Tridel, Canada’s largest condo developer, has mandated their determination to “develop condominium residences that meet the needs of today’s homeowners while safeguarding the well-being of future generations by focusing on environmentally sustainable building design and performance in construction, property management and corporate stewardship”.

Tridel states that buying green saves money, conserves energy, and promotes healthy living all while enjoying the other chief benefits condo living affords: “home ownership without the hassles of maintenance, repairs and security concerns”. The builder’s green projects include windmills, solar paneling and hybrid generators.

The Canada Green Building Council’s (CaGBC) Leadership in Energy and Environmental Design (LEED) is an independent ‘Green Building Rating System’ which recognizes and certifies products that encourage and accelerate the global green building direction. TheRedPin.com, a website that allows Toronto condo shoppers to submit an address or MLS listing to receive its green rating, now includes LEEDs on its pages. The CaGBC says that already more than 30 per cent of Toronto and the Greater Area’s condo buildings are being built green.

In Airdrie, AB, Beattie Homes/Merge built the Courtyards of King’s Heights green-approved to provide homes that save money by reducing energy consumption.

Criteria examined in determining the greenness of a condo building include:

  • sustainable site development
  • water efficiency
  • energy efficiency
  • materials selected
  • indoor environmental quality
  • innovation and design process

Wondering if you can afford the condo fees associated with the green living style and proximity to city centre? Try entering your forecasted monthly budget into a mortgage affordability calculator. Keep in mind that if you intend to move within five years to a larger detached residence, you could be better off in renting a while longer.

Article provided by CanEquity.com

Previous Post

Make Sure You Have A Full Time Agent

Next Post

If I had $28 Million Dollars, I’d buy you this Penthouse

Zoocasa

Zoocasa

Zoocasa.com is a full-service brokerage that offers advanced online search tools to empower Canadians with the data and expertise they need to make more successful real estate decisions. View real estate listings on zoocasa.com or download our free iOS app.

Related Posts

New Listings for Condo Rentals Grew 45% in the City of Toronto Last Quarter: REPORT
Condominiums

New Listings for Condo Rentals Grew 45% in the City of Toronto Last Quarter: REPORT

August 19, 2020
New Listings in Downtown Condos Popular for Short-Term Rentals Grow Significantly Faster than City of Toronto Average: REPORT
Affordability

New Listings in Downtown Condos Popular for Short-Term Rentals Grow Significantly Faster than City of Toronto Average: REPORT

July 23, 2020
Pay cash for a condo
Condominiums

Is It a Good Idea to Pay Cash for a Condo?

March 20, 2020

Blog Search

No Result
View All Result

Recent Articles

32% of Buyers Purchased Property Further Than Previously Considered: Ontario Survey

32% of Buyers Purchased Property Further Than Previously Considered: Ontario Survey

March 4, 2021
7 Houses Under $699,000 For Sale in Mississauga

7 Houses Under $699,000 For Sale in Mississauga

March 3, 2021
Greater Toronto Average Home Price Crosses $1M in February: TRREB

Greater Toronto Average Home Price Crosses $1M in February: TRREB

March 3, 2021
7 Houses Currently For Sale in Toronto Under $699,900

7 Houses Currently For Sale in Toronto Under $699,900

February 24, 2021
first-time home buyer programs and rebates

Featured Listings (Updated Weekly)

7 Houses Under $699,000 For Sale in Mississauga

7 Houses Under $699,000 For Sale in Mississauga

March 3, 2021
7 Houses Currently For Sale in Toronto Under $699,900

7 Houses Currently For Sale in Toronto Under $699,900

February 24, 2021
Here Are Canadian Regions With Below Average Home Prices And The Homes You Can Buy There

Here Are Canadian Regions With Below Average Home Prices And The Homes You Can Buy There

February 18, 2021
12 of the Cheapest Houses For Sale in the GTA For Under $600K

12 of the Cheapest Houses For Sale in the GTA For Under $600K

February 17, 2021

Social Media

Newsletter Signup

Join 120,000+ knowledgeable subscribers. Don't miss important real estate news, and buying & selling tips.

About Zoocasa

Zoocasa.com is a full-service brokerage that offers advanced online search tools to empower Canadians with the data and expertise they need to make more successful real estate decisions.

Newsletter Signup

Join 110,000+ weekly subscribers. Don’t miss important real estate news, and buying & selling tips: sign up here.

Social Media

Zoocasa Tools

Search MLS Listings
Search Sold Listings
iOS App
Android App
Find an Agent
Contact Us

  • Zoocasa Home
  • Terms of Use
  • Privacy Policy
  • Contact Us

© 2015 - 2020 Zoocasa Realty Inc., Brokerage

  • Blog Home
  • For Buyers
  • For Sellers
  • Real Estate News
  • Mortgage News
  • Free Guides (PDF)
  • Infographics
  • Zoocasa News
No Result
View All Result

© 2015 - 2020 Zoocasa Realty Inc., Brokerage