Retiring soon and planning on selling your long-term home to embrace condo living? Hoping to live downtown? If so, your timing is impeccable as condominium developments are hot in Halifax at the moment.
The Rise Of Downtown Condos In Halifax
Just a few years ago, condos were a minor development on the urban landscape. Since 2012, the number of new multi-unit construction projects in the downtown area has skyrocketed. About 2,000 units are expected to be on the market by 2018. Most of these are expected to serve the growing single dweller population of Halifax. In 2011, 29% of occupied dwellings were one or two-person single-dwelling households.
The condo building boom is in part a result of a conscious effort by the city of Halifax. Promoting downtown living by overhauling outdated regulations in its 2009 HRM by Design plan. This permitted taller buildings and quicker planning application approval. The condominiums will potentially increase the number of people living in the city. New residents will be well served by the existing infrastructure of schools, sewers, and other services.
Who Is Buying The New Halifax Condo Builds?
Who is buying these units? Three diverse groups are typical buyers. Empty-nesters, young professionals, and parents of college students are purchasing investment housing. Many of the units offer desirable amenities. Along with proximity to a culture that is particularly appealing to seniors. Seniors want to continue a vibrant active lifestyle without the hassle of carrying for a big house.
Many upscale properties include stainless steel and marble kitchens and other in-suite luxuries. With an indoor pool, high-end restaurants nearby, and luxury shopping. If you enjoy being in the center of things, these new condominium units offer an inviting way to do so.
Brisk Sales Characterize The Halifax Condo Market
While the units may not appeal to all seniors, demand for the units has been brisk. The sales indicate pent-up demand for downtown housing. A recently announced condo development sold 80% of its units the opening weekend and sold 90% within five weeks. Prior to the recent building, there were limited options to live downtown. The goal of HRM is to increase residential density downtown by 2034. As a result, 25% of citywide development will the in the downtown area.
Furthermore, with more people opting to buy condos, the rental apartment vacancy rate increased. If you do not want to purchase another dwelling after you sell your home, you will find many desirable rental options as well.
