They don’t build them like they use to!
By Condo Culture
Over the last few years, a number of new condo buildings have been built are being built in the market to satisfy the increasing demand for housing and one trend that has been consistent among most of the new developments launched recently is that units have been getting smaller and smaller. Part of this is a factor of buyer demand while also still trying to keep unit prices as reasonable as possible amidst the significant increases in construction costs that have occurred over the last few years.
The one thing we always hear, particularly from our customers moving down from a detached home or those looking to grow their family in a condo within one of the urban cores, is we want more big units! The demand for larger units in the market is definitely there but with increasing costs, it’s become incredibly difficult for developers to deliver this type of unit to the market at a price point that keeps them affordable. For example, if a brand new building was to offer a unit over 1100 square feet today in the current market, it wouldn’t be a surprise to see this unit listed over a million dollars and depending on the level of finish in the unit, could be well over this. Move up to something 1400 square feet or larger and the price may be $1.5M or more. In a new high-end luxury building this may make sense but of course, that’s not for everyone.
This has opened up an opportunity for those looking for a large condo unit to look to existing buildings that are in great locations and offer huge floor plans but were built before the market saw such significant increases in construction and development costs that are driving prices in any new development projects launched across the market.
One great example of this is the Westmount Grand. This building is located within walking distance of Uptown Waterloo and other amenities, is close to outdoor amenities like Waterloo Park and Westmount Golf and Country club and has some amazingly large and spacious floor plans.
A great example is this large 2 bedroom + den, 1419 square foot unit currently available for sale and for lease in the building. At $695,000 it provides the space and level of finish that you’d expect in a luxury building but at a price that is actually less than what you could build it for today. The space is so large that the kitchen and living/dining areas feel more like you’re in a home than what most people would traditionally think of when you think of a condo. But don’t just take our word for it, join Madeline on tour of this suite in the below video or better yet, reach out to us and check it out for yourself!
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