Who's buying condos these days?

Recent polls have proven what I’ve noticed all along, that more and more Canadians are choosing condominiums for their home. In some cities 35% of those polled said they were likely to purchase a condo, which is similar to my own client statistics.

What demographic is looking at condos as their new home? Just about all walks of life are inclined to do so. First-time home buyers are attracted to condos as a more affordable option that allows them to start building equity and use that capital to move up into a single family home when the time comes. They often don't have the expendable cash to spend on repairs and maintenance that comes with a freehold, like a new furnace in the middle of a cold February night.

Then there are the young professionals, men and women alike that need a maintenance-free property that won't make their lives a drudgery of working at their careers and then working on their homes, leaving little or no time to pursue their favourite past times. Condos allow them time to relax or partake in sports and socials that would normally be time spent mowing lawns, weeding, shoveling snow and repairing fences……and the list goes on! This demographic tends to need less room and is willing to live in the now.

We all know that Baby Boomers are a huge demographic in Canada and a lot of them are opting out of their big labour intensive homes and into condo life. Many own multiple properties, including vacation homes that they like to visit often and for long periods of time. The luxury of leaving behind a home that will be protected and maintained without any effort on their part is very attractive, especially to "snowbirds"—Canadian retirees who winter in the southern United States. Aging men, women and couples have also opted for homes that require less work and fewer stairs than a traditional one out of necessity.

As a realtor, I am always concerned about the potential resale value of the properties my clients purchase. Like condos, any property that has a growing buyer pool is likely to hold its value well