With increasing population and real estate owning dreams and demands of the new age, the growth of condominiums is hardly startling. The current trend in scarcity of single and detached homes is getting reduced day by day.
For families that have once dreamed of owning bungalows of their own have little hopes to cling on seeing the current scenario. The building of town homes and colonies are expected to rise substantially in the coming years. The projections on the market growth of new age condominiums is showing steep rise in terms of their numbers but their prices won’t be any higher than the single houses.
As per the words of the great personality in the area of real estate Brad Lamb, this era is being referred by him as Toronto getting Manhattanized. The idea behind such a title is that buying a house in Manhattan is not even affordable to the people in higher paying services. This phenomenon rules out all the ordinary families from having any say in such markets and leaving them no other option than to choose from the varied choices of flats and apartments available in their budgets.
It is not just Toronto where this phenomenon is getting evolved rather this is the trend that is happening in all the major cities of the world. And as per the experts, this change was quite inevitable and is further fueled by the rising market value of properties. It apparently becomes as true as they truly say that “the first home decision is tougher on the parent’s dime”.
With this new shift in housing option there is a shift in the minds of people of what they will be expecting in the homes they now opt for. They have to change their mindsets about living in free opened spaces having individual garden areas or garages attached in the periphery. In spite they would have to acclimatize to living in densely populated spaces.
“Life can get loud still we could create a quiet environment inside our home” – This is portrayed by the Canadian spirit when it comes to choosing their living options. Currently it’s just an option for those who have got sufficient money but after some years down the line it will be the only accommodation type that a family could possibly get or afford.
Considering this aspect, many local governments are trying their best not to give the market forces the scope to enter and modify the plans of city building. Rather they are seen on being very keen on providing extra incentives to the developers of real estate on building projects that include row houses, bungalows and other such single housing schemes.