A Toronto couple approaching retirement decided it was time to “get out of Dodge” and began looking in areas within one to two hours of the GTA where they could pursue a quieter yet fulfilling life with amenities and lifestyle attractions. They settled on the Niagara area. After an exhaustive search they
found and put a down payment on a not yet built bungalow townhouse in a modestly sized project.
This project is part of a growing trend where the townhouse itself is freehold and the common areas are
condominiums. Known as a vacant land condominium, it features the best of both worlds. Not only are
the lawns cut and the snow cleared, there are strict rules concerning property standards, ensuring that
all the homes in the project are maintained to a consistently high standard. This results in not only a
beautiful appearance with pride of ownership on full display, it also maintains property values. There
are associated fees, but these are quite modest.
The project was completed in just over one year. In general, these types of homes offer a wide choice of builder selections for flooring, fixtures, counters, etc. Our couple chose additional available upgrades including a gas fireplace, a bathroom in the lower level, and a heated floor in the primary bedroom en-suite
bathroom. The upgrade total was about $30,000. Appliance packages and window treatments are extra.
The move also turned out to be quite a windfall as well, as 3 months after taking possession, an identical unit in the complex sold for significantly more than the original purchase price. The bungalow model has
proven to be very much in demand by the boomer generation. Even with the increased prices there are
still opportunities for downsizing Toronto boomers as the values of their Toronto homes have increased as well – leaving cash in their pockets after the process is complete.
Developers are answering the demands of the Baby Boomers, not only throughout the Niagara region, but these builds are also popping up in the very popular Prince Edward County and east from Durham along the 401 corridor.