Raising a family in a condo

Buying

Many of our first-time-buyer clients are now thinking about transitioning into a home yet debating if raising a family in a condo is possible. We see it quite often and have taken part in many conversations about this very topic.

There are many advantages and disadvantages to raising a family in a condo. But the real answer is that it truly all comes down to the lifestyle you personally prefer. No one can answer this question for you, but we can review some of the pros to help you decide.

Condos with CN Tower View

Advantages of Raising a Family in a Condo

Living in a single-family home with the white picket fence is no longer the premiere standard for raising a family. As many millennials have children, they’re also opting to rent or buy condos in urban areas. 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.

Urban children are exposed to a greater density and diversity of people, both 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.

Dense Neighbourhoods Foster a Sense of Community

Shared 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, and provide a major benefit to raising a family in a condo. 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 Instills a Commitment to Sparseness

Years ago, a suburban basement would be filled with bookcases filled with books, shelves of DVD’s and an entire area dedicated to gaming. The digital generation has no need for such space. Movie streaming services and portable eBook tablets mean that millennials can maximize their less-than-a-thousand-square-foot condo’s living areas.

Condo small spaces

Communal green spaces like condo gardens and public parks mean families can enjoy the health and leisure benefits of a yard without the work—no mowing, raking and shoveling to worry about each season. Many home furnishing stores in urban areas specialize in multi-purpose furniture, condo-sized items and other trends like space-opening paint colours, and easily-foldable baby strollers to make condo living a breeze for young families with space-efficient goals.

Many Millennials Still Cannot Afford a Single-Family Home in Toronto

Low incomes, high student debt, and a tough 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.