In today’s hot housing market, we are used to seeing bidding wars on single-family homes in Toronto, the GTA and Ontario. Indeed, any such dwellings on the open market reap an onslaught of multiple offers, jacking the final sale price up by hundreds of thousands of dollars. Many of us have become used to this real estate reality, but did you know that condos in Ontario have now begun to be valued just as much as single-family homes in Ontario?
Recently, Surface Developments, an award-winning Ottawa based condo builder specializing in low-rise custom designed projects sold out their new Parkdale Market Lofts project in less than a day. The 25-unit boutique condominium, located at 12 Hamilton Street in the heart of the Parkdale Market in Hintonburg, features open-concept New York style lofts geared towards the empty nesters and millennials looking to live in an affordable space close to everything with views of both city and green space.
Surface Developments president, Jakub Ulak knew the solid design, price and location offerings of the Parkdale Market Lofts development would make it a successful project but still, he was taken aback by the record-breaking sales. “I expected a good response, but we had to start cancelling appointments with potential buyers the afternoon we launched, that’s how quickly the units sold, a lot of people were left disappointed.”
There’s no doubt about it, savvy homebuyers in Ontario have come to realize that condos are a spacious, less financially burdensome, and easier living alternative to single-family homes. It makes sense then that many condos in Ontario are now being sought after in the same frenzied way as single-family homes in the region. Of course, there are still many condo suites sitting for sale on the open market. So this begs the question, what makes certain condo units sell with the same vigor as single-family homes?
If you ask Mr. Ulak his opinion on this question he has a lot to share. He attributes the sales success of a condo to the following factors; great location, low condo fees, close to transportation, custom finishes, opportunities for buyers to work with architects one to one or virtually to design the condo in question. Mr. Ulak makes great points; if a condominium can offer you value, quality, location and customization why not join other on trend Ontarians, and make it your home?
Lara Watson is a journalist and real estate writer living in Toronto.
