Why are Young Professionals choosing to live in Toronto?

December 18th, 2020

Why are Young Professionals choosing to live in Toronto?

Young Professionals from all around the world and within Canada are trying to relocate themselves to Toronto, to live in a city that is the country’s central business district. Apart from its vibrant cultural scene, living closer to downtown Toronto offers its own set of benefits for young professionals. The latter part of Generation Y (Born in 1984-1994), has become one of the most unique generations; It is the generation that has mastered the use of technology, which has created a different level of ‘home satisfaction’.

Luxury Condominiums in the 1990s’ was looked at as a choice for only the elite of Toronto, however there has been a shift due to the amount of Toronto Condominiums being constructed. Now there are more affordable condominiums than ever before. According to the President of Urbanization Inc., Shaun Hildebrand, the rising costs of condos led to a surge in the number of Pre-construction condos sold in 2017-2018 – close to 60, 000 deals.

Let’s look into other reasons why the Toronto Condominium lifestyle is what young professionals are looking for:

Condominium cost of living is more Manageable

Previous generations would take pride in spending their weekends working on their yard, shoveling, and conducting general maintenance to their house. However, our Generation Y individuals are spending more time travelling and exploring on the weekends. Instead of spending time on commutes, Generation Y, is the first generation to master, living close to your occupation increasing the amount of time you have for yourself and your family. The Work/Life balance has never been as well maintained as we are currently seeing, as individuals are creating more access to their choice of personal free time (Family time, Activities, Travelling).

According to an RBC Study on Housing Affordability, most Canadian Households have 48.4% of their earnings going to housing. Young professionals who have just begun their journey in Toronto, and are choosing to purchase a Condo or House, have realized that managing a Condo requires less maintenance costs.

If an individual is purchasing a new house, they are most likely outside of Toronto due to the lack of new houses being built in Toronto. However, individuals have now realized that buying an older house requires general maintenance costs to upkeep the house. The general maintenance can be from flooring, painting, roofing, outdoor maintenance, etc. However, living in a Condo, forgoes those expenses.

Other than financial expenses, it is also the time to manage a house that is now making young professionals shy away. This is the first generation to admit that they do not want to spend time shoveling and cutting their grass when they can be spending it on their own personal hobbies.

Generation Y Purchasing Pre-Construction Condos

With the shift of young professionals moving into Toronto, they are generally choosing to rent or buy. Generally, individuals that have saved enough for their down payment are usually putting that money towards a future development – a Pre-Construction Condo. Especially due to the Pre-Construction Condos requiring less up front money has created a way for these Young Professionals to purchase their ideal living space.

The down payment structures for Pre-Construction Condos are generally on a 5%-10% down with the remaining 10% due before the completion, which is usually 2 years after the initial deposit. Giving the time for Young Professionals to be able to save.

First Access Condos helping you choose the right Condo

As the shift of Young Professionals is toward convenience and maximum efficiency in their work/personal life balance, our team at First Access Condos is fully equipped to assist.

First Access Condos will make the process of purchasing your condo as seamless as possible. With the team’s valuable years of experience in real estate, First Access Condos will guide you to choose the right condo for your personal and financial goals!

Contact our team today at [email protected]!

Get insights into the condo market

Subscribe now for the latest updates on condos, articles, events and more...