(This is a guest post…)
When they say the only way to go from here is up, they weren’t lying. Condo development is becoming increasingly important, as urban sprawl becomes increasingly threatening to a dying species known as prime agricultural land. This is one of the founding principles of Smart Growth (a sustainable development model known to those who study the environment): Build up not out!
In the City of Toronto, cranes clutter the skyline with up and coming high-rise condos ready to be sold, indeed before they are even complete. It seems ludicrous to purchase something you have never experienced, especially when it comes to the first residence you’ve ever owned. For example, condos are purchased before eager young couples have had a chance to see them, smell them and hear the traffic noise around them or what their neighbours enjoy watching on Tuesday evenings. So why are condo buildings so in demand that they are being bought-up before their construction is complete?
Condos support an increasingly essential agenda of supplying an adequate number of quality residences, while respecting finite city and urban boundaries. The SUV infested suburbs are becoming gas-guzzling playgrounds that lend themselves to long-commutes and certainly lots of road-raged mutters. Condos also compliment urban lifestyles. The city is often associated with the hustle and bustle type of lifestyle that keeps one busy in the constant flow of work-related, family and social activities. With so much on the go, it seems difficult to find the time to maintain your yard and garden. So there is something alluring about a hands-free property that also boasts work-out and often pool facilities when you’re a city-slicker.
But let’s be honest, in most major Canadian cities the cost of owning your own portion of land will cost you much more than an arm and a leg. Suddenly the box-in-the-sky lifestyle just became more seductive with its oh-so-affordable mortgage rate (just beware of monthly condo fees on top of mortgage payments). And sure you don’t have your own garden or patch of land for the kids or pets to play on, but that’s where the old saying comes in: location, location, location!
If you are going to go up instead of out, choose your location wisely. If you can’t plant your feet on the ground when you walk out the door, make sure that you can shortly after that elevator trip. Condos located near bodies of water, along pedestrian pathways and near parks are certainly in the most demand like the Evolo’s condo development in Montreal . These condos are filled with residents who have managed to strike a balance in their life. They have great access to all the highlights the city has to offer and they also can enjoy some green space when necessary. Having the best of both worlds is not only possible, it’s affordable.