Condominium Appeal Growing
Collingwood’s real estate inventory has more than its share of condominiums and it would appear the trend to build more of them is continuing. According to the last list I saw of new developments in the planning process, roughly 60% of the 6000 new homes proposed in Collingwood will be condominiums. The largest of these will be The Shipyards project at the foot of the main street on Georgian Bay. Many of the new developments in the town centre feature mixed densities that include both detached single family homes and attached, condominium units. The condominium explosion is also occurring in all of our south Georgian Bay communities and indeed, country wide.
Back in 1976, my husband and I purchased our first home which was a condominium in a high-rise building in Oakville. Condominiums were a very new concept at that time and I remember my Dad saying that it was one he believed would really catch on and could be a very good investment for us.
Fast forward 30 years. In a report released by REMAX Ontario-Atlantic Canada today, it says that the condominium concept has finally clicked with Canadians and that some of the most impressive gains in residential real estate in 2007 were in the condominium market. It stated that, “Their universal appeal is substantiated, with every market reporting increased momentum in condominium sales volume over 2006 levels. In fact, 80 per cent of markets surveyed reported double digit gains in sales year-over-year, with 53 per cent reporting increases over 20 per cent. The greatest growth was experienced in Canada’s small to mid-sized markets.”
With soaring land costs, condominiums sometimes offer a practical means to home ownership but they also offer a more carefree lifestyle for today’s busy homeowner. As society changes economically, demographically and socially, it would seem inevitable that this trend would take firm hold. Have you read all the hysteria this week about buyers lining up for days to reserve units in cities like Toronto and Vancouver?
It seems my Dad was right, even he was a little ahead of his time.