Canadians Love Condos

A small living space right in the middle of the city’s hustle and bustle may not seem like everyone’s dream come true. For many Canadians, however, owning a condominium equals an urban paradise that’s tough to beat. As cities like Cal-gary, Vancouver, and Toronto grow, Canadians are finding, more often than not, that having a condo to call their own is a convenient and affordable way to buy into the real estate market. A decade ago, young Calgarians combed the suburbs to find their first home. Communities out of the city core were bigger, cheaper, newer, and quieter than their urban counterparts. The only sacrifice was a moderate commute to work. By the end of 2007, however, those moderate commutes had transformed into hour (or more) long treks each way, every day. The drive can be so long that buyers are now taking into account their monthly fuel bill along with their mortgage pay-ments before they commit to purchasing a home. The dozen or so communities Calgary has added to its outskirts over the last ten years are so far from down-town that many Calgarians have been searching for a more practical housing al-ternative. Enter the condominium. It’s central. It’s low-maintenance. It’s affordable. In 2007, Calgarians paid an average of $156,000 less  for a condo than they did for a single-family home, not to mention the savings in travel and main-tenance costs. Residents of Vancouver  followed suit, with multi-family homes (such as condos) accounting for nearly 60% of residential purchases last November. Further east, in Toronto (http://www.remaxcondosplus.com/report-display.php?id=88&report_date=1199250000), realtors struggle to find listings to show clients interested in purchasing a condo; most decent properties are snapped up the moment they become available. To a buyer, average Canadian house prices are rising so fast that the negatives of owning a condominium often seem inconsequential. Yes, condos can be smaller and noisier than single-family dwellings. Yes, they are often less private, with little to no outdoor space. However, the benefits of owning a condo - namely, affordability and ease of ownership - far outweigh its drawbacks in the eyes of many Canadians. With skyrocketing prices and sparse availability in cit-ies, many Canadians are waving goodbye to visions of a yard and a white picket fence, and are only too happy to find a condo to call home.