A lot of baby boomers around Canada are taking a second look at their condo options. The designs have changed to reflect the needs that baby boomers have for suitable dwellings. With the boomers as the wealthiest generation ever to be seen in the history of Canada, many condo developers are taking their tastes into consideration in the design of the units in buildings.
Developers have been putting their sights on dissolving the notion that a condo has to be a claustrophobic place to live. More and more high-rise condominium projects are being built with 3 bedrooms, especially in Toronto and Metro Vancouver. This gives the baby boomers the extra space they so desperately need and don't want to give up.
One condo project that is ongoing in West Vancouver will be offering a townhouse style of living in a high-rise. Other projects are giving buyers more options, which may include combining multiple units together. Another Vancouver project is offering condo units that are up to 3000 ft.² in size.
It can be very difficult transitioning from a single family home into a condo unit. There are many cherished memories in the home furnishings and throughout the years a lot of knickknacks and special items have been accumulating. Many baby boomers don't want to downsize but like the idea of the ease and the security that goes along with condo living.
With a larger condo unit, the baby boomers can still enjoy the privacy and space that they're used to. With the larger units being offered in the buildings, there are fewer units overall. As well, the larger condominiums may offer extra storage space.
More than 1 million Canadians now live in a condo and many of them are millennials. While most buildings are taking the millennial lifestyle into account, some developers have taken a second look at the niche market for the baby boomers and have seen quick sales occurring in the process.
Of course, these larger units also come with a higher price tag. It may not be too much of an issue for some baby boomers that have invested their money wisely and have paid off their home mortgage during the years.