Canada's Condo Generation in 2014

Recently, Maclean's magazine ran an article about the condo generation that was extremely interesting. If you have a family and are thinking about purchasing a condo, this is a must-read. While there are a lot of benefits to condo living, there are some drawbacks to family-living in a condominium that you should think about first.

Lack of 2-3 bedroom units

It will be harder to find a 2 to 3 bedroom condominium unit than it would be to find a one-bedroom. When the developers are putting together their plans to build a high-rise building, they need a certain amount of pre-sales before the actual construction can start. In most cases the developers are looking for sales of at least 80% of the units. Pre-sales carry forward the construction process and without them, the high-rise building won't become a reality.

Most people that are looking for a condo are young and single. Young couples are also interested in purchasing these units and older people may also want to move into them when they are downsizing from their family homes. The majority of the condos are constructed for adults that don't require a lot of room and don't have children. This way, most of the units can be pre-sold very quickly.

As well, investors from other companies will scoop up the one-bedroom units or the one-bedroom condos with a den. In some cases they may purchase an entire floor or two so that they can be rented out later on.

When it comes to families that require a 2 or 3 bedroom condominium, most will want to see the unit first before making a purchase. Very few families are willing to take the risk of purchasing a pre-sales condo before viewing it first.

The more 2 to 3 bedroom units that the developer plans, the more risk he is taking when it comes to getting his pre-sales accomplished. There will be some available, but in most cases the majority of the units will be built based on the demand for one-bedroom condos.

Most condos these days are not being constructed based on the needs of a family with children. Where will the bulky sports equipment be stored? Is there any space available for large children's toys? Is there any room to set up a desk where the child can do his homework?

In many cases, getting a duplex or a townhouse is a better option for young growing families. This is not a hard and fast rule, however, since there are condos available that would be suitable for families. You just need to have patience when you're looking for them and let your real estate agent know exactly what you're looking for in a condominium unit.