Condo Living in Ontario: Why More Buyers are Choosing Urban Spaces

Condo living in Ontario is gaining momentum in 2024, with more buyers choosing urban spaces for both lifestyle and investment reasons. According to the latest market data, condo sales in Toronto alone have increased by 14% compared to last year, with average prices reaching $760,000 this September. Cities like Ottawa and Hamilton are also seeing strong demand, driven by a growing number of professionals and families seeking homes in central locations. As more people look for convenience and proximity to work, dining, and entertainment, the appeal of urban condos continues to rise, offering both luxury and affordability.

Affordability remains a key factor in the surge of condo purchases, especially as detached home prices in Ontario’s larger cities remain out of reach for many.

Condos not only offer a lower price point, but they also come with amenities such as fitness centres, rooftop terraces, and 24-hour concierge services, making them an attractive alternative to traditional housing. With more urban developments and high-rise projects slated for completion in 2025, the condo market is expected to remain competitive.

Recent trends also show that remote work is reshaping the condo market. In cities like Toronto, where many workers are now hybrid or fully remote, the desire for homes in vibrant, walkable neighbourhoods has grown. Many buyers are opting for smaller living spaces closer to cultural hotspots and transit hubs, balancing a work-from-home lifestyle with urban conveniences. As Ontario’s cities continue to evolve, more buyers are recognizing the long-term value of investing in urban condos, especially with September 2024 data indicating that condos are appreciating at a faster rate than suburban homes, further cementing their position as a prime real estate choice.