Condo living is no longer just a choice for first-time homebuyers struggling to get into an address of their own — more and more mature buyers are choosing the lifestyle for its peace of mind and lack of responsibility.
“Downsizing” as it has come to be known, is a popular option for retirees or anyone who prefers to leave behind the worries of caring for a single-family home, for one with everything under one roof.
And builders across and outside of the city are starting to cater to this “niche” market of condo shoppers.
“People will often start looking one to two years in advance of when they want to move or are going to retire,” says Bob Carmichael, sales manager for Medican, a Medicine-Hat based company specializing in age-restricted, amenity-rich condominium projects across Alberta, including three apartment-style locations in Calgary. “It is not a bad time to be buying during construction because in the time it takes to build their homes will go up considerably in price before they sell.”
And it’s not only seniors who are opting for a lifestyle that doesn’t involve shovels and lawnmowers, says Carmichael. That’s why Medican’s Sierras projects, which now include one in Country Hills in the north and Evergreen in the south, allow residents as young as their 40s.
“Steadily the age seems to be dropping, and the appeal is when these people move out of their homes they are not giving up everything in the process. We get many who are buying, and their friends are also, so they can retain these friendships,” says Carmichael.
While some buyers choose a condominium lifestyle because its allows them to travel for months at a time without worrying about their pipes freezing or security of prized possessions, others move in and never board a plane again.
“We have had people in the last couple of projects tell us they stopped traveling after they bought because it’s basically a bit of a resort setting for them right at home,” he says, adding games rooms, theatres, swimming pools and hot tubs and multi-use add to this resort appeal.
The wealth of amenities under one roof, paired with a built-in community that stems from like-minded and similarly aged residents living in close proximity, and nearness to shopping, transportation corridors and services are also attractive features that also figure into downsizing decisions, says Carmichael.
“We stick to the suburbs and try to stay close to amenities because many of these people tend not to travel too much.”
Sometimes circumstances prompt trading single-family home ownership for condo dwelling, such as the death of a spouse or a divorce. Whatever the reason, downsizing seems to be a trend not likely to decline any time soon, say the experts.
“If you look at the number of condominiums being built, you can see it’s a lifestyle trend in general. I have always said that if we could find the perfect piece of land with mountain views, we could sell a million of them to people who’d be willing to sell their single-family homes to move in,” says Carmichael.
Townhomes and villas are also condominium options for buyers looking to pare down duties and square footage from a larger, single-family home, and one that seemed the best fit for Neil and Susan Brown.
The couple recently moved into Streetside Development’s Tucker Hill development in Okotoks, leaving behind the headaches and responsibilities of caring for an acreage to be closer to family and spend time doing what they enjoy most.
“We have been able to downsize, in some ways getting rid of things we didn’t need to have — simplified our life and got a chance to do the things we love to do — get out and walk, and we enjoy painting as a hobby,” says Neil.
Susan says being close to their grandchildren was another key reason for the move, which didn’t leave the couple feeling as though they were giving up anything— including living space or privacy. At 1,362 square feet, the Browns’ townhome rivals some single-family abodes in expanse.
“One thing we say when we come home after a busy day is it’s luxurious, it is nice to sit at night and see the view. We don’t hear the neighbours as we’re on a corner unit, so it’s nice and quiet.”
And, like many relocating from larger digs to condominiums, one thing the pair has not felt they were missing out on is the work involved in maintaining a home, says Susan. “We’ve had the house and stuff and the maintenance, and it’s nice just to be able to relax and have things done for you. And it frees you up to do things that are meaningful.” |
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