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Survey says...younger Canadians are more willing to raise their families in condos

As house prices continue to rise in Canada’s major markets, young home buyers are beginning to think beyond the traditional dream of a family home in the suburbs surrounded by a white picket fence, and are considering other options for the place to build their futures. According to a 2006 survey, younger Canadians (aged 25 – 44) are more willing to consider raising a family in a condominium that are those age 45-59 (22% vs. 13% respectively). The survey, conducted by Ipsos Reid on behalf of TD Bank, asked Canadians aged 25-59 living in Toronto, Vancouver, Montreal, Calgary and Ottawa, if they would consider living in a condo if they were planning to start a family and raise children. The survey also found that 25-34 year olds are most likely to agree that living in a condo is suitable for families with very young children (46% of respondents vs. 40% among those aged 35-59).

"Attitudes towards families and condos may be shifting among younger people in urban centres," said a representative from TD Canada Trust. "Younger Canadians who bought condos as their first step into the housing markets have grown accustomed to the numerous benefits of the condo lifestyle, and many are considering extending them into the next phase of their lives.” Not surprisingly, Torontonians and Vancouverites, residents of two of Canada’s highest priced real estate markets, were the most likely to purchase a condo as their primary residence. The consumer poll also shows widespread recognition that condos offer amenities important to families, including: - "building security" (91%) - "close to public transportation" (87%) - "pool or recreation facilities for children" (83%) - "close to work" (81%) - "schools nearby" (81%) Today’s evolving real estate market is changing traditional customer attitudes towards their ‘dream home”. Recognizing this new reality, developers are now creating projects that will appeal to the needs of these new home buyers. If you’d like to more about the condo lifestyle, and whether it’s right for you, contact us!
Posted on Monday, December 11, 2006 at 09:29PM by Registered CommenterElaine | CommentsPost a Comment

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