Condo Culture
I have had some conversations about the tendency of Saint John apartment owners converting buildings to condos. It seems that many owners have decided that selling their apartments is a better business plan than renting them.
The Telegraph Journal ran an article today titled Condo Culture has arrived. The article talks about the recent trend of converting buildings to this new ownership structure.
The Harbourfront condos that are being developed by the Rocca group will be a great addition to the waterfront. This will be one of the largest housing developments in the city and will play a role in revitalizing the waterfront.
The condo conversions, discussed in the article, will have a different impact. These new condos will help create a culture of ownership in neighbourhoods where renters (a group I belong to) move in and out. By attracting owners to rental neighbourhoods, I believe these developments will help create longer term communities. These communities will be served by residents who will create accountability, due to their ownership stake.
Lets hope condo culture takes hold. It should be good for the community.
1 comment:
unfortunately, condo culture has a serious drawback of lowering the rental pool and can make finding rental accommodation a nightmare. hopefully there will remain a mix of tenures and affordability within the city, if they are expecting to draw the younger business set back into the fold!
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