Posted 1.27.14 @ 9:0
Even though 79% of owners of condos built in the last year are single or couples without children, it’s not so easy to find a one bedroom that fits all your needs. Developers have come to the conclusion that people buying new homes want extra room, specifically extra bedrooms, and are phasing out those 1/1 classics in favour of spacious units with open floor plans.
But that doesn’t mean it’s impossible to find a one bedroom - you just need to know where to look. Luckily, we do!
One Bedrooms Won’t Become Extinct
No matter how hard developers try, you just can’t beat a classic. While they are falling out of favour, they’ll still be around. Cities change, but so do we as a society. With more and more kids not leaving home after college, economic woes (real or imagined), and the fact that those that are buying are looking for a family home that they can grow and age in place in, it will get harder.
We used to make the joke about the “myth of the three bedroom condo”, but with more developers trying to maximise their real estate and get the biggest bang for their buck, this is actually one of the fastest growing segments of the market.
But then again, there will always be single people or couples that just don’t want (or simply can’t afford) the extra legroom. One bedroom units serve a purpose and always will.
They Will Become Harder to Find
Developers filing permits to build are building less one bedrooms, which simply sucks if you want a brand new one bedroom home or condo. But if you’re trying to sell a one bedroom (even one bedroom resales have declined over the last decade), you’ll be in a great position to make it rain.
Some blame the nadir in one bedrooms on the new mortgage rules, that many self-employed people and first time buyers just can’t meet the criteria, that these “starter apartments” can be so hard to get that it just isn’t worth all the trouble that developers have to go through to get them sold. Sure, somewhere upwards of 80% of condos in the GTA are investor-owned and rented out to tenants, but landlording has its own share of headaches.
Existing one bedrooms are out there, but they’re not easy to find if you want to buy one. Does that mean you should give up and buy something larger instead? After all, if no one is catering to you, what else can you do?
Work with the Goodale Miller Team! We’ll help you find the one bedroom home of your dreams; from detached with mature trees to a beautiful slice of heaven in the clouds, we’ll help you find the home that’s right for you. Why settle for less when you don’t have to? Give us a call today and put us to work for you.
For a great selection of luxury condos for sale in the Oakville area visit our page here.