Have you ever wondered what the hottest properties are in big cities across the country? Well, whether you are talking about real estate in Laval or in Vancouver, it's likely the conversation will centre around the topic of condos and lofts.
The condo complex has truly hit its Golden Age in the new millennium. Urban professionals in particular are taking advantage of developments such as that at 761 Bay Street in Toronto, for many different reasons. Chief among these is the fact that most condo complexes are built right in the heart of the downtown area of major cities, often as part of rejuvenation efforts.
The placement of these buildings is such that residents can get to work in a much faster and less stressful way than if they lived further out from the city. In Laval and Toronto, downtown condo living means avoiding the heavy traffic which inevitably occurs during rush hour. In turn, this means leaving home at a reasonable time, and getting back within an hour of quitting time as well.
In Laval and other places which have strong condominium markets, lofts and condo units are often much more affordable than stand-alone homes in the same location. Kitsilano condos in Vancouver, for example, cost owners almost $100,000 less than small detached homes, making it possible for individuals and small families to survive on their salaries while still paying a mortgage. The same general principle applies to the market here in Laval, home of over 350,000 people.
Condo living also means that many people can make their homes in locations where it would otherwise be impossible to fit construction in. For many people, this offers one of the most appealing aspects of the condo. Toronto waterfront developments offer stunning views of Lake Ontario, while those in Laval in locations such as Isle de Jesus and the Laval Islands are unparalleled.
In most locations, condos are still second in buyer popularity compared to detached homes. This, however, is not the case in Quebec. For reasons that are not entirely known, the Quebec home buyer seems to have a natural predisposition towards condos, townhomes, and other such multi-family residences. If you thought new King East condos sold fast, you should see the way they fly off the market in Montreal and Laval!
Of course, this means that condo living in Laval and other major Quebec cities is losing some of its affordable reputation. As the popularity of these unites continues to grow, so too does speculation. With no land left to build on on the Ile, you can bet condo developments will continue to increase in value in the future.
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