According to a recent TD Canada Trust Home Buyers Report, if two homes were at the same price point, three-quarters of first time home buyers would prefer a newer home over an older home.
Just as these first-time homebuyers have an overwhelming preference for newly built homes, they are equally pre-disposed to low-rise living with only 18 per cent citing a preference for a high-rise condo.
As first-time buyers, chances are that a lot more than 18 per cent will start out with a condominium suite as their first home, based not only on relative affordability but also on the fact that fifty-seven per cent of respondents said they would prefer a smaller home closer to work than a larger home with a longer commute.
I think first-time buyers can have their cake and eat it too because when it comes to condominium design, as the largest condo market in North America, by far, Toronto has the best building and interior designers who know how to maximize space and create affordable suites without compromising on the finishes.
The beauty of buying a new condo suite is that you get to pinpoint your location. In all likelihood, you will have more than a few choices of builders, which means you have the added value of picking the building design that most appeals to you. Finally, and this is where the fun really begins, you have the choice of floor, view and specific suite design.
After you’ve made those choices, you also get to pick the finishes and fixtures that will ultimately be installed in your suite. There’s nothing better than knowing that when you turn that key, you’re turning it for the first time, opening the door to a brand new lifestyle, which is why I always say buy new.
– Stephen Dupuis is president and CEO of the Building Industry and Land Development Association (BILD). He can be reached at email@example.com.