SOURCE: Bennett Property Shop Realty
OTTAWA--(Marketwire - Jul 19, 2012) - The nature of housing in the city of Toronto is changing as "Manhattanization" takes place. As more condos are built and less single-family homes become available, the lifestyle associated with living in the city is evolving. Marnie Bennett, real estate broker and founder of Bennett Property Shop Realty, explains this transformation.
CBCNews reports that as Toronto continues to grow, prices for single-family homes are skyrocketing -- forcing many residents to opt for condominium living. Dubbed "Manhattanization" by the news outlet, this evolution is changing the housing expectations of individuals who want to live in the city. Marnie Bennett, real estate broker and founder of Bennett Property Shop Realty, explains how this is affecting residents of the city.
"The city of Toronto has been in the midst of a 'condo boom' for the last 10 years," asserts Marnie Bennett, "and the spaces are becoming smaller but their amenities are becoming more elaborate in an effort to offset the reduced living space. With over 120,000 immigrants coming to Toronto every year, due to the job market, and the appeal of the city, the work/play/live concept is booming in the urban core. Condominiums are the most affordable housing option to buyers and investors, especially those who are flipping them. Because of the surge in population, and the shift in lifestyle, Toronto is becoming the 'Manhattan' of Canada."
This spike in condo living has resulted in an increase in housing costs. Marnie Bennett reports that in the last five years, prices have surged by 15 to 20 percent. But these prices are not discouraging buyers, as many condos sell within hours of being placed on the market.
Bennett explains that because Toronto has been proactive in building public transportation, new subways have allowed individuals who live downtown to make their daily commutes within minutes -- without having to fight the traffic jams often experienced in the suburbs. In fact, the convenience of such a commute has proven to be a strong draw for suburban families interested in moving to the city.
"In order to afford a single-family home, many people have to move to the suburbs," explains Bennett. "These smaller cities are up to two hours outside of Toronto, meaning that a number of people are making a four hour commute to and from work each day. They are realizing that the stress and strain on their health and their family are just too much. A condominium lifestyle has become a pied-à-terre option for them."
Bennett also notes that although condos are smaller, the amenities and convenience of living in the city are often more than worth the reduced living area.
Marnie Bennett, founder of Bennett Property Shop Realty, is a real estate broker who specializes in condo and home development marketing strategies. Additionally, Marnie Bennett has played a key role in the home construction industry of Ottawa. Through industry expertise and a great deal of experience, Marnie Bennett provides her clients with quality service and constantly looks for new ways to improve her professional tactics and offerings.