The baby boomers are reshaping the housing market. As their single-family homes become empty nests, they?re moving into smaller spaces. As a result, the market for large, especially two-storey, homes is in decline. The demand for one-floor condominiums is on the rise.
?Absolutely,? said Marco Palumbo, of Palumbo Homes. ?There?s a decrease in single-family homes. There are a few reasons, but the obvious is the aging demographic. London is one of the foremost retirement communities in Canada due to our health care. And people who live here are downsizing from large two-story houses.
?People are more accepting of condo purchasing now,? Palumbo said. ?They?ve been around a long time.?
Doris Bradley, sales representative for Rembrandt Homes, has also seen a positive change.
?About five to 10 years ago, condos were not as popular as now. We?re building more now because people want them.?
Barb Owens, sales representative for Sifton, agreed.
?Sifton has been doing this for years and they?ve stood the test of time. There is a strong demand for it. People want an active lifestyle with conveniences and lower maintenance.?
She also agreed that people retiring to the city and those downscaling are the primary buyers.
?It?s mostly the 50-plus age range.?
Owens added many divorced singles, especially women, choose one floor because they don?t have to worry about exterior maintenance.
?People who are retiring and getting away from yard work ? that?s basically what my clientele is,? Bradley said. ?One-floor condos are really popular. Nobody wants stairs any more. Over the last few years, there has definitely been an increase.?
The resale market for one-floor condos is also strong because there is little turnover, they are very desirable and there is high demand.
Many new condos are built in areas with convenient access to shopping, recreation (such as parks and nature trails) and main arteries for quick travel around the city.
?Lifestyle is definitely a factor,? Bradley said. ?Most come from a large home and want a break. This is a quiet enclave backing onto parkland.?
One disadvantage to a one-floor is it is more expensive to build. It takes more land, more foundation and more roof.
Buyers also want a convenient interior layout.
Palumbo said an open design can be more flexible, allowing designers and homeowners to be more creative. Rather than the traditional closed rooms, great rooms look more spacious, and allow for flexible furniture groupings.
?The odd person does not want an open concept,? Bradley said. ?But open seems to be the trend. People who are moving out of a big house still want to bring their big dining-room set. Our condos can accommodate a pretty decent-sized table.?
Owens said that the floor space is usually greater than a two-storey townhouse style.
Sifton is using metal studs in its new condos to reduce nail pops and give greater flexibility in floor plans.
?They are laser-cut, so they?re perfectly squared,? she said. ?They?re pre-assembled in the climate control of the facility, then delivered by flatbed truck, which allows greater speed and they aren?t exposed to bad weather. There is less onsite mess and noise.?
As well as the floor plan, buyers are looking for updated kitchens and bathrooms. Often they?ve lived in their family home for many years, and want something modern. They also want fine finishes, luxurious touches and good value.
Palumbo said dual-tone cabinets, with white uppers and dark lower doors, are popular.
?Corner tubs are out,? Palumbo said. ?People want a large spa shower and double vanities. Everyone uses showers. We do some with built-in seats.
?About 80% finish the lower level,? Palumbo said. With a third bedroom and bathroom, it becomes a great guest suite for friends and family. A large rec room offers a casual space for gathering around a big-screen television or shooting a game of pool.
One-floor condo buyers want all the amenities of a new home, mixed with all the traditional comfort of their large family home, and none of the maintenance worries. Builders are responding, making such units a hot trend in the real-estate market.
The appeal
- fewer stairs, everything on one floor
- lifestyle is more flexible
- routine activities, such as laundry, are conveniently on one level
- no outside maintenance
- frees time to pursue other interests, such as travel
What?s popular
- open-concept design
- gives more space for furnishings from traditional closed layout
- suitable for entertaining
- master bedroom and den/second bedroom on main floor
- walk-in closets
- glass showers
- central air conditioning and central vacuum
- in-ground sprinkler systems
- electric or gas fireplace
Desirable details
- cathedral, vaulted and tray ceilings give more height and space
- large windows, often with Palladian and transom accents
- kitchen islands
- stackable laundry appliances free space and reduce hydro and electricity usage
- large master bedroom with ensuite and walk-in closet
- finished basements with a third bedroom and bath, and large open room, often used for media or games rooms with pool table and/or large-screen television
- hardwood floors
- ceramic tile in foyers, baths, kitchen and laundry areas
- Energy Star efficiency
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The companies
Palumbo Homes has almost 50 years in business. Marco Palumbo?s father started building one-floor condos in the late 1980s.
www.palumbohomes.ca
519-439-4142
Sifton Homes, celebrating 90 years in 2013, pioneered one-floor condos in London.
www.sifton.com
222-663-6291
Tony Marsman of Rembrandt Homes has more than 40 years in the home- building business.
www.rembrandthomes.ca
519-641-1397
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