Real estate has always been considered a growth industry, and perhaps nothing illustrates the truth in this assumption better than the condominium boom. The seasoned real estate professionals at CentralToronto.net for example, just three decades ago might have scoffed at the suggestion that Condos in Lakeshore Toronto would be some of the most sought after properties today. At that time, the single detached dwelling was the only marketable piece of real estate; multi-residence developments were considered lower class. My, what a difference a few years makes. But what has made condo living such a big deal for buyers of real estate all over the world? Let's take a look.
First of all, condominiums began to take off due to their visionary appeal. People always like to see something novel, and when condos first started to take off they were often part of developments which were reviving older parts of big cities. Gorgeous condos for sale in Vancouver were part of the City of Vancouver's plan to preserve space by rejuvenating old ideas, and they wanted the plan to appeal to as many as possible. The result were buildings that redefined modern urban living and appealed to many in the upper classes.
As people began to move into condos in greater numbers, some of the other benefits of condo living started to become known. Condos were great for people in big cities who were tired of commuting. Instead of taking three hours to get from the outskirts of the city to downtown, people could live in neighbouring condominiums and walk right to the downtown core. Commutes to work weren't the only things cut down by convenient condo living either; people living in condos had an easier time shopping and finding entertainment too.
As the popularity of condominiums began to grow, more and more developments began to go up. More condos for sale meant that the average price per unit went down. What's more, people began to see that apartments for sale were priced much lower than even the smallest detached dwellings. It was still possible to build vertically, so air space was not at the same premium as ground space. This meant people could more easily afford a condominium than a detached home.
As more and more people discovered the benefit of condominium living, more and more condo styles became available. Today, there are a broad spectrum of condo styles and prices, suitable to any urban condo dweller. High end developments offer the latest amenities at premium prices, while other developments are available for those with less expectations. Even within the same building, there can be found many units with different price tags and additions.
Even in today's depressed real estate market, condominiums continue to sell at record paces in all of Canada's major cities. Condo development is truly an example of a growth industry at its finest.