Over the last decade the condo market has taken the country by storm. There has been a great migration from the once coveted single family home, or single detached dwelling, to the preferred condo lifestyle.

We’ve seen this boom from coast to coast within most major cities. There are a myriad of reasons why there has been a shift in preference. Condos tend to be less upkeep as you’re only responsible for the interior, there is typically more security, you have access to the building’s amenities, the ease of a turn and lock lifestyle, and of course one of the most obvious reasons being the cost of condos are relatively less than single detached dwellings.

Affordability and convenience have been key players in the condo market. And while they’ve secured a pretty prominent place for themselves in the market, is there a future for them? Is the future condo friendly?

While it is layered and nuanced, the simple answer is yes. Shifting consumer needs, alternate lifestyles, and prioritizing city functionality will continue to fuel the condo market in Canada. As urban sprawl inevitably continues to make its way into many Canadian cities, we will continue to see a prioritization in urban densification. Many cities prioritize urban density as a way to protect surrounding land, consume less energy, and increase use of urban infrastructure and services.

Condos have evolved and continue to evolve with the trends and needs of consumers. Today we are seeing condos with similar square footage as homes. We’re seeing world-class amenities that are just steps from your front hall. Condos are a long way from where they once were and we’re seeing them fill in gaps and hit the mark where the housing market is failing us. With the climb in real estate prices, we’re also seeing more families transition to the condo lifestyle. With plenty of condos now even catering to a family-friendly lifestyle, including kid-friendly amenities from childcare services to kid party rooms. Canada is even starting to see the talk of incorporating vertically integrated schools into condominium buildings. With condos becoming more family-focused and offering amenities that cater to a family lifestyle, they are continuing to meet consumer demands. This creates a whole new realm of possibility for families looking to buy who may be struggling with today’s housing prices and interest rates. This is a new opportunity that wasn’t always an option for those with children. Also, over the last several decades we have also seen a shift in more individuals/couples opting to not have children or have children later in life, therefore creating a need for less space, making condos a perfect option.

At the end of the day condominiums are continuing to meet our societal needs and evolve with us. We Shouldn’t be surprised as we see condos continue to bridge the housing market gaps and remain a solid option for many homeowners.