It’s become common knowledge in the real estate industry that people are buying condos like crazy. Condo buyers make up 13% of the housing market, a 33% percent increase over the past ten years, and more noticeably, have appreciated in value at an unprecedented double-digit pace for the past four years, according to a recent real estate report. I know – I bought a condo five years ago.
Why? The report says that traditional homes are too expensive. Too be more truthful, it should say that the demand for homes in downtowns (where condos are) is far exceeding the supply. People buy condos in the city because that’s what makes it a city – a walkable environment. The spike in condo prices is more reflective of how cool living in the downtowns is once again becoming. Or perhaps for most first-time home-buyers, downtown living is perceived as safe for the first time in their lifetime.