The condo family: Raising kids in the city
The single-family home is no longer the
gold standard for family housing. As many millennials have children, they’re
also opting to rent or buy condos in urban centres. Property investors holding
mid-sized condos will have the increased potential of finding tenants or buyers
in the coming years as one-bedroom suites are no longer the only
profit-generating option. To wisely invest however, we must first understand
the whys behind this emerging trend. Who are these young families and what are
they seeking in their housing, their communities, and their children’s’
futures?
RAISING KIDS IN DOWNTOWN TORONTO HAS
BECOME A CHOICE PARENTS ARE INCREASINGLY MAKING
Urban kids are exposed to a greater
density and diversity of people, young and old. They develop social skills
faster, they hone their “street smarts,” and they’re exposed to a more diverse
social and economic mix. Exposure to cultural resources — performing arts,
museums, libraries and theatres stimulates kids’ creativity and develops
diverse skills and interests that may not be covered in traditional school
curricula.
REDUCING
TRANSPORTATION COSTS MEANS SAVINGS — OF TIME AND MONEY
In the global fight against climate
change, the cost of fuel is likely to rise. Urban dwellers are moving closer to
their places of work (into condos located in more densely built-up areas) and
will often have access to affordable public transit or neighbourhoods with high
walkability. A short commute on the TTC means parents can be home to spend
quality time with their kids after work, as opposed to facing the unpredictable
traffic jams and long travel times along the highways to the suburbs. Many
condo developments feature pharmacies or grocery stores at street level or
nearby, making a quick trip to the store for amenities only an elevator ride
away.
DENSE
NEIGHBOURHOODS FOSTER A SENSE OF COMMUNITY
Communal spaces like parks, public
pools, libraries, and even the lobbies and shared spaces of condo buildings
facilitate a sense of community between people from all walks of life. The
number of preschool-age kids is rising fastest around condo developments in
Toronto. Communities aren’t just for adults; kids growing up in the city will
have their own communities of peers and playmates as they grow up in an urban
landscape. As condo families increase, businesses are paying attention:
baby-friendly yoga classes and movie screenings mean parents can befriend and
network with other young urban families.
SMALL
SPACE LIVING FACILITATES A DISTINCTLY MODERN COMMITMENT TO SPARSENESS
Years ago, a bookshelf teetering full of
hardcovers and VHS tapes might have taken up an entire suburban basement. The
digital generation has no need for such cumbersome analog repositories of art
and culture. Movie streaming services and portable eBook tablets mean that
millennials can maximize their less-than-a-thousand-square-foot condo’s living
areas. Communal green spaces like condo gardens and public parks mean families
can enjoy the health and leisure benefits of a yard without the work—that
interminable cycle of mowing, raking, and shoveling that continues to plague
suburban dwellers. Decorators and furniture stores are catching on to the
sparseness trend: multi-functional furniture, space-opening paint colours, and
easily-foldable baby strollers make condo living a breeze for young families
with space-efficient goals.
BUYING A SINGLE-FAMILY HOME IN TORONTO
CONTINUES TO BE UNAFFORDABLE FOR MOST MILLENNIALS
Low incomes, high student debt, and a
precarious job market mean that Toronto’s skyrocketing housing market is simply
not an option for millennials. Incomes have not risen on par with the increase
in housing prices; detached home ownership is less and less feasible for the
younger generation. Condo living is simply the new reality for young families
in Toronto.
Ontario’s Ministry of Finance projects
the GTA as the province’s fastest growing region, with a population increase of
3 million (or 45.8 per cent) by 2041, including a significant contribution from
steady international migration. Property investors and owner-landlords stand to
benefit from Toronto’s increasing density. This generation’s entrance into
parenthood means an influx of space-saving young families in search of the
benefits of condo life, from community safety to affordability. And with 1.5
million millennials in the GTA region alone, the time to invest is now.
（Toronto Star）
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