Condos have become the “new normal” for prospective homeowners in Toronto as housing costs have skyrocketed, pushing single-family homes out of reach for many Canadians.
Living in a condo has its own set of appeals for buyers – less responsibility for repairs, convenience, and increased access to amenities in and outside of the building. Condos have, and probably always will be, the best choice for city-dwellers.
According to a new study by Devron with members of the Angus Reid forum, 47 per cent of surveyed Torontonians believe condos can be used as long-term housing, and 40 per cent believe condos could be a permanent home, depending on the unit type and building.
That sentiment almost doubles in number if you ask people who already live in condos – with 71 per cent of current condo-dwellers indicating confidence in long-term condo living.
However, despite a seemingly positive consumer sentiment towards condo living in Toronto, 93 per cent of surveyed GTA residents feel that Toronto needs better-built condos, and almost four-in-five respondents believe that condos in the city are cheaply made.
The results of this study indicate that consumers aren’t necessarily dissatisfied with condo lifestyles. Rather, the dissatisfaction lies with the current product on the market.
According to the study, Torontonians feel the city lacks unique designs and architecture. Fifty-nine per cent of respondents say they feel that Toronto’s current condo offerings are lagging compared with other major Canadian cities in terms of interesting and exciting designs. Eighty-six per cent believe that Toronto’s skyline lacks captivating architecture.
Notably, nearly all surveyed GTA residents (96%) said that builders have a responsibility to build quality homes that contribute to Toronto’s livability and infrastructure.
Devron heard their survey results loud and clear and says it’s willing to commit to building better condos that can serve as functional, livable long-term homes.
“The survey shows that condos can be a sustainable, long-term living option, and a home for people and families of all ages and life stages,” said Pouyan Safapour, president of Devron. “Every building should offer a variety of suite sizes for growing families, not just one-bedrooms for transitory dwellers.”
“The quality must go beyond just nice appliances and finishes – it’s often what’s behind the walls that affects our life and comfort the most […] We take a comprehensive approach to lead the charge towards a future where high living standards are the new norm in condos, and condos can become synonymous with the word ‘home’.”
Devron Developments (Devron) is an award-winning residential homebuilder based in the Greater Toronto Area. Their portfolio includes notable condominiums like The Vanguard, The Winslow and the upcoming 101 Spadina.
