Homeownership goals have changed with the new generation of home and condo buyers, better known as millennials. Currently, millennials comprise the biggest group of homebuyers, and they seem to have a slightly different idea of the perfect home/condo when compared to their parents. For millennials, buying a property is more about lifestyle and convenience rather than just going after more square feet and affordable prices if it means making significant adjustments. Today most of millennial Toronto condo buyers don’t mind trading space for a smaller condo if it means living in a top location where parks, schools, restaurants, shops, and other amenities are within walking distance. They see more logic in splurging on a good location and reputable building if it means that they will cut commutes to work and save in gas money and similar expenses in the long run. Here is what millennial condo buyers are mostly looking for when they go home/condo shopping.
A convenient lifestyle and amenities
Buying a Downtown Toronto condo has become a matter of preferred lifestyle. It is not just about location anymore, but also about what a particular condominium offers. The condo buildings millennials go for are usually still in top locations but with full service and great amenities. Millennials are busy bees with little free time, so they prefer to have everything they need available in one place. Buildings that come with pools, well-equipped gyms, rooftop terraces, BBQ areas and committed entertainment areas speak perfectly to today’s Downtown Toronto buyers, as they offer immediate access and don’t incur any extra expenses as they are mostly covered through condo fees. Such a living arrangement saves time and money at the same time, leaving millennials more time to pursue their goals, hobbies or spend time with friends and family.
Access to nature and green spaces
Another top feature of the perfect city life for millennials is having parks, trails and playgrounds (if one has kids) in the vicinity. Many millennials pursue a healthy lifestyle, so in addition to fitness centres, they also like to have the opportunity to go for a walk, take the dog out, jog, cycle or hike whenever they feel like it. Locations that offer access to green spaces, like the Beltline Trail or Roundhouse Park or a local park, rank high on the millennial wish list.
Minimalist design and décor
Most Downtown Toronto millennial homebuyers prefer a practical home with neat symmetric shapes, compact multifunctional furniture pieces, and designs where beige, light grey and white tones dominate. Millennials love easy-to-maintain living spaces that don’t require much work and are easy to clean but still have a warm and homey vibe. That’s why many pursue a minimalistic way of life that is not only aesthetically appealing but also highly functional.
Plenty of storage space
While Toronto millennial condo buyers are ready to settle for less space in favour of many other perks, they still want the space to be well-utilized, so they will often be looking for condos with clever storage solutions. Built-in closets, hidden storage spaces, furniture with hidden cabinets are practically gold in today’s condo market as they add value to a condo/home and fit in perfectly with the minimalist lifestyle.
Today’s condo buyers are smart buyers who are looking to make the most out of their purchase by factoring in all aspects of their life. They are more conscious about their living environment, their needs and how a home will benefit them long-term, so finding the perfect place goes beyond finding a nice neighbourhood or the perfect condo unit.
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