Living in a condominium comes with a lot of benefits for renters. It gives you access to different amenities like a pool, a gym, a BBQ area, and even a golf simulation room depending on the building. Condos are often cheaper and more accessible than low-rise homes, plus they offer a fantastic investment opportunity.
For these and other reasons, the demand for condos is at an all-time high and units are going up in different cities more than ever before. If you’re curious to find out which cities are leading the pack in developing the most condo units, read on to find out.
1. Toronto, ON Canada
Toronto is the city that gave us Drake, the Raptors and the CN Tower. But in real estate circles, Toronto is known for its incredible condo boom which started in the 1970s when over 11, 000 units were built.
An extra 30, 881 units were added in the 1980s, and the city built 49,503 units in the 1990s. The condo boom started in the early 2000s with the construction of 103,683 units. Since then, things have sped up to the rate where the city constructed 10, 368 condominiums in just one month during 2018.
Nearly 40, 000 condo units are in the pipeline for construction, and one of them is slated to be 95 floors high.
If we go back about ten years, 80% of the new home construction in Toronto were all low-rise, and only 20% were high-rise buildings. Now the script has flipped as over 60% of all new homes in Toronto are high-rise buildings. The great thing is they’re more attainable and affordable when compared to expensive low-rise homes.
The government hopes that these high-rise condominiums will help to ease the housing backlog.
But, since most of the condos are owned by foreign nationals, there has been discontent among locals over the population influx and how it will impact the social infrastructure. To counteract this problem, the government has erected two new schools along with a day-care and a community center. New businesses like Yorkville Sports Medicine Clinic are taking advantage of the condo boom by setting up shop in areas with a high volume of condos; more condos equal more potential customers.
2. Vancouver, ON Canada
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Despite the recent downturn in Vancouver’s housing market, condo prices have seen a steady increase. Vancouver currently holds the spot as the most expensive real estate market in the Great White North thanks to the high demand of high-rise condo units in the city.
Similarly to Toronto, it’s cheaper to rent and/or buy a condo in Vancouver than it is to invest in a detached home. So experts predict the condo market will continue to increase, thus helping to stabilize the country’s housing market.
There are 40, 000 units under construction and the city expects most of them to complete by the end of 2019. Vancouver’s property boom is largely driven by the city’s positive population growth, and condos are at the forefront to meet this demand.
3. Philadelphia, PA USA
Philadelphia is a historic city that’s home to the Declaration of Independence, the Liberty Bell, and the legendary Philly Cheesesteak. But, the recent condo boom has rendered the city’s skyline practically unrecognizable.
Of the 2,506 residential units in the downtown area, a majority (72%) are condominiums and over 5, 300 units will go up between now and 2021.
The interesting thing about the condo market in Philly is that it attracts a lot of local buyers instead of international investors like you see with other cities on this list.
Most of the buyers are baby boomers that are looking to scale down and enjoy the variety of amenities available. Millennials seem to be moving to Philly in droves as well, attracted by the abundance of co-working spaces and the city’s lively culture.
4. Montreal QB, Canada
Following the footsteps of Vancouver and Toronto, Montreal has caught the condominium bug and is attracting a ton of foreign investment. Recent data shows that about 12% of the condos sold in Montreal over the past year belong to foreign buyers and 20% of them cost over C$1 million.
Montreal’s condo boom owes its success story to the construction of Tour des Canadians. They built this 50-story behemoth in honor of the Montreal Canadians hockey team back in 2013. Despite receiving a lot of criticism, in the beginning, the project was a huge success, and all 550 units are spoken for -and not just by hockey fans. Montreal is also known as one of the “Snowiest Canadian Cities,” so it’s easy to understand the city’s love of hockey. If you do decide to get a condo in Montreal, it’s a good idea to make sure your condo is winter ready.
Other notable developments worth mentioning include Plateau 54 (63 units), Mont calm (116 units) and Drummond II (210 units).
5. Miami, FL USA
Miami’s famous for its gorgeous coastline and for bringing us the legendary TV show Miami Vice, as well as the Miami Dolphins football team. But, much of the spotlight lately has been on the city’s burgeoning real estate market. According to experts, Miami’s real estate explosion can be largely attributed to the condo boom.
So far, the city has constructed 3, 800 condo units in Miami since 2011 and an additional 33, 137 are in the pipeline for completion in the next few years. But, the demand has meant an increase in condo prices, as current data shows that prices in Miami jumped up 9.5% in just one year.
This doesn’t seem to bother the foreign investors who’re snapping up units like they’re hotcakes. Stats show that a majority of the buyers in Miami’s real estate market come from South America and Russia.
We all know buying a condo is a great investment especially if it’s in a good location. So, if you have extra cash or have come across a windfall, you know where to look to find some of the best condo developments on the market. Just make sure to buy soon while the market’s still hot, as waiting too long could lead to a missed opportunity.