We have all come across headlines about how millennials have ruined the housing business, and jokes aside, there is some truth behind these headlines. Research that has been tracking trends in real estate over the past few decades have noted a significant decline in the demand for houses. Of course, the original housing crisis does factor into this, but after the housing crisis, people stayed away from acquiring real estate for a long time, but the interesting thing today is that people are investing in real estate, but they are not investing in buying a house, and are instead acquiring condos instead.
This is because most adults today do not see the point in traditional suburban housing. If anything, they find it a nuisance because living in the suburbs means being further from the city, and this means spending hours every single week commuting back and forth, wasting time, energy, and money. Condos, on the other hand, are usually present in or around the city, so everything is a lot closer and convenient. If you happen to be interested in looking into a condo for yourself, then you can look into The Thornhill condominium project.
This trend came about because of a financial need since houses are really expensive and most adults in today’s economy are struggling financially as it is, so in order to still invest in the real estate market and to acquire permanent property ownership, people started buying condos instead. Of course, with time people started realizing more benefits to owning a condo apart from the obvious financial one, and this is how things started changing in the real estate world. So, if you were thinking of becoming a permanent property owner and buying a house, it is probably better that you consider buying a condo instead.