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Real Estate

Aging apartment buildings are becoming more and more like condos

Toronto’s forest of condo towers is now influencing decor schemes at decades-old apartment buildings across the GTA, according to a recent Toronto Star article. In an effort to attract young professionals and downsizing boomers, large-scale landlords like Timbercreek Asset Management, CAPREIT and Shiplake Management are adding condo-style features like spacious lobbies, gyms, party rooms and updated, amenity-stocked suites (stainless steel appliances, anyone?). Unfortunately, the rents are also more condo than apartment: a one-bedroom suite in a renovated building at Dufferin and King costs $1,450 per month,which is $447 more than the average one-bedroom apartment and just six dollars less than the average one-bedroom condo. [Moneyville]

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