Maroc - STOREYS.COM - A La Une - 26/Sep 18:19

Condo Amenities: 2024 Power Rankings

Condo living in 2024 is about more than just space; it’s about the carefully curated amenities that turn buildings into communities.Gone are the days of a gym, party room, and concierge being most-appreciated amenities – today, they’re considered must-haves. And they’re now joined by things we once may have never imagined in our condo-dwelling lives, like remote offices, wellness spas, pet washes, and cold plunges.The common denominator is modern-day convenience: amenities that remove the need for residents to leave the building for everyday routines and rhythms. But, as life evolves, so do the types of amenities today’s (and tomorrow’s) condo dwellers desire. While plentiful, not every one of today’s condo amenities are created equal.So, for the second year in a row, we’re asking: What do today’s condo buyers and dwellers really want and need?To analyze the rise and fall of amenities in new builds, Spark Real Estate Technologies — a Vancouver-based company that specializes in new development sales and marketing software — once again surveyed a panel of industry experts to learn what they’re seeing in the market. This esteemed panel includes Barrett Sprowson (Vice President, Sales and Project Marketing at Peterson Real Estate); John Lusink (President, RealServus Holding Corp.; Right at Home Realty; Property.ca); Sunny Hahm (Principal at Tandem Real Estate Strategy); Zakiya Kassam (Associate Editor at STOREYS); Mike Rivait, (Director, Sales and Marketing at Gairloch Developments); and Richard Causton (VP of Sales at Spark).“Investors and homeowners alike are taking a more considered position to evaluate amenity offerings that are future-proofed, that can be maintained well, and will not have substantial risk or increased operational cost,” Hahm says, setting the tone for what to anticipate in this year’s amenity power ranking. “There's nothing worse than paying strata fees for amenities you don't use,” says Spark’s own Causton, expanding on the theme. “This makes it essential for developers to thoroughly understand the current perceived value of each individual amenity."The panel ranked each below condo amenity in terms of homeowner desirability in 2024, and assessed whether that ranking is on the rise, unchanged, or falling. The results were then reviewed, consolidated, and curated into the rankings shown below. As you’ll see, there were some surprises when it came to changes from 2023. There were also elements that came as no shock at all.The Power Rankings1. Exercise Room (+)Up 1 position from 2023.It's not surprising that an exercise room is a must when it comes to condo amenities. In fact, it would be strange in this day and age not to have one, even if it comes without the modern-day bells and whistles of steam rooms and spas. Perhaps that's why condo gyms are more desired compared to last year: in an era of new builds packed to the rim with amenities, a gym has gone from a nice-to-have to a given. This is especially true in a climate where the cost of living has soared to new heights — including the price of gym memberships."A quality gym and outdoor spaces is right at the top of the list," says Sprowson. "The question is just how deep one goes with those amenities. More and more we're seeing really extensive gyms, saunas, etc. in condo buildings ([that are] more akin to the purpose built rental buildings in the states)."2. Shared Rooftop/Green Space (-)Down 1 position from 2023.At a time when Canada's urban areas are rapidly increasing in density, and green space is scarce (picture: Toronto’s Trinity Bellwoods Park on the season’s first spring-like day), it seems surprising that access to a shared rooftop/green space has moved down in importance since last year. Furthermore, access to green space has been linked to improved mental health; with life as busy as ever in urban centres, you'd think fresh air would be a high priority. Still, the amenity holds second-place on this year’s list, which makes good sense: especially as more children will be raised in condos as families are priced out of the freehold market.“Though there's plenty of data to back this up, you don't really need analytics to tell you: it's a horrible time for housing affordability in Canada," says Kassam. "For many people, this has meant putting off plans to upsize from a condo into a larger single-family home. Bearing that in mind, it’s a definite plus when a condo can give you at least some of the perks a home might — for instance, a rooftop green space (in lieu of a backyard), bike storage (in lieu of a garage), and a remote workspace (in lieu of a home office)."3. 24-Hour Concierge (+)Up 2 positions from 2023.While, like gyms, a 24-hour concierge has gone from a nice-to-have to a given, the amenity has still proven to rank higher for respondents than it did last year — perhaps a reflection of an era all but built upon online shopping and food deliveries."Once one gets through the practical things, a concierge is top of the "nice to have" list," says Sprowson.This said, it should be noted that a concierge doesn't necessarily mean security. “One missing but very important amenity is security,” says Lusink. "It may be assumed under 24-hr concierge, but is a key consideration [in its own right]." To some, this detail is indeed a dealbreaker.4. Meeting/Party Rooms (-)Down 1 position from 2023.Traditionally, condo meeting and party rooms haven't necessarily been the most inspiring amenities (— come on, admit it). In 2024, they're less desired than last year, but they do still prove important (think: birthday parties, baby showers, and children's parties). And, they're relatively affordable to operate when compared to other amenities on this list.“Top amenities that will always attract purchasers will be those that offer day-to-day convenience, a central place of gathering, and most importantly have a considered approach of mitigating strata fees, ultimately supporting homebuyers to have a more attainable and affordable cost of living," said Hahm.5. EV Charging (+)Up 4 positions from 2023.In today's climate, an EV charging station (or a few of them) will also be a must when it comes to new builds. “I'm not sure that EV charging should rank as an amenity these days (I think it's a given); I put it at the top because one has to have it," said Sprowson. It makes sense, then, that this amenity saw the largest boost up the ranks since 2023, rising four rungs on the ladder.Indeed, it would be strange for a new build not to feature EV charging stations — whether they're widely used or not. With that said, there have been concerns about operation costs, as of late. This past spring, Ontario Premier Doug Ford said that EV charging stations would not be mandatory in new homes.6. Guest Rooms and Suites New addition to 2024 survey. Condo guest rooms and suites aren't exactly the most exciting amenity. Some may say they've been historically underused, sitting vacant most of the time. However, times are changing. This year, guest rooms have been indicated as desired amenities. This could be attributed to increased restrictions on short-term rentals like AirBnb, and rising hotel prices. Now, instead of a guest room, visiting in-laws can have an entire guest suite at their disposal. 7. Bike Storage (-)Down 3 positions from 2023.Now more than ever, applications for new condo developments are leaving ample room for the cycling set to store their bicycles. But the availability of bike storage has actually decreased in significance among respondents, which comes as a surprise, given the move away from prioritizing the car in many Canadian urban centres. While bike storage was a top must-have for respondents in 2023, it dropped in significance in 2024.Whether it's a top-rated amenity or not, however, it's safe to say we'll continue to see an abundance of bicycle spots in new builds across the country.8. Swimming Pool (+)Up 3 positions from 2023.Perhaps, inspired by a particularly warm summer, swimming pools have become a more desired condo amenity than last year. But pools are a tricky one: there are residents who use the amenity religiously, while others never set foot on the pool deck (and anyone who's lived in a condo knows this is true). Some may be of the mindset that the risks and costs associated with operating a swimming pool simply aren't worth it in our Canadian climate."Although water-based amenities, such as swimming pools, cold plunges, and steam rooms are appealing features, increased operational and maintenance costs can be a larger burden on the homebuyers or resale value down the road," says Hahm.9. Secured Storage for Delivery/Grocery (-)Down 2 positions from 2023.Another surprise in this year's Power Rankings was the fact that secured storage for deliveries and groceries has dropped in ranking. In our era of ordering everything online — from clothing and furniture to groceries and drug store items —one would think that a designated space for secured deliveries would become an inevitable reality as we move forward. After all, online shopping isn't going anywhere.10. Remote Workstation (-)Down 4 positions from 2023.Perhaps indicating a return to the physical office (or just a preference for working from the couch), the availability of a remote workstation has dropped in the ranks. While co-working spaces and remote working stations were popping up in new condos long before the onset of the pandemic, COVID-19's shifting of workplace dynamics (i.e. the relationship to the physical office) inspired the addition of such amenities in countless new building applications. Nonetheless, we likely won't see them removed from design plans as we head into the future (i.e. the hybrid work model isn't going anywhere).11. Spa/SaunaNew addition to 2024 survey.Wellness is infused throughout our daily lives like never before. However, spas and saunas aren’t at the top of the list of must-haves when it comes to home. While accessing a spa or sauna without leaving your condo building may sound like a nice idea in theory, these features often get used infrequently by condo dwellers. For some people, a quarterly splurge on a spa day somewhere in the city (where there's a clear separation from home) may make more sense than directing condo fee charges to the cause.12. Pet-Centric Amenities (ex: dog park, grooming station) (-)Down 4 positions from 2023.Today, pets are celebrated members of the family; ones that enjoy things like organic food, outfits for every occasion, and daytime daycare services. As such, today's developers have responded by offering a slew of pet-centric amenities that include everything from pet spas and grooming stations, to dog runs and dog parks. But, alas, not everyone has pets. So, why pay for someone else’s? Perhaps it's that mentality behind the dropping of pet-centric amenities in the ranking.13. Workshop/Tool Library (-)Down 1 position from 2023.While a workshop or tool library may seem like a strange amenity at first, it's important to consider that the modern-day condo dweller may still wish to have the benefits of a home garage… minus the single-family home. These spaces may be used for anything from bicycle repair to furniture staining and assembly. For this reason perhaps, the availability of a workshop or tool library has remained relatively high in importance compared to last year.14. Car-Washing Station (-)Down 1 position from 2023.It's no surprise that in many of Canada's urban centres, especially in rapidly-densifying cities like Toronto and Vancouver, the car is taking a backseat in favour of public transportation, cycling, and good, old-fashioned walking. The fact that minimum parking requirements have been eliminated in new Toronto builds is extremely telling of this. With that said, car-washing stations are still considered a middle-of-the-pack amenity. Perhaps it has something to do with the disappearance of downtown car washes, which are making way for new condos. 15. Tennis/Squash/Pickleball Court New addition to 2024 survey.Given the explosion of both the 'tenniscore' and pickleball trends as of late, it's not shocking that tennis, squash, and pickleball courts have shot up the ranks in terms of hot condo amenities. While urban centres are technically filled with no shortage of spots to play the sports (i.e. private clubs), increasing density in many cities means that public courts are increasingly packed with players, with a long waiting list of racquet-clutching people on the sidelines.16. Theatre Room (-)Down 2 positions from 2023.While they were once considered a novelty back in the day, it’s unsurprising that theatre rooms remain lower on the list of desired amenities in our era of massive home screens, projectors, and streaming services. But of course, for the young filmmaker looking to screen their first feature, this is a no-brainer on the amenity front.17. Billiard/Games Room (-)Down 2 positions from 2023.When it comes to a billiard/games room — arguably one of the original amenities of the modern(ish) day condo — the desirability for such things remains low, consistent with 2023. It should be noted that in some new, future-forward condos, games rooms now go above and beyond the basics of billiards or ping-pong, incorporating extras like video games and golf simulators. These new additions cater to family members of all ages.18. Short-Term Rental Property ManagementNew addition to 2024 survey. While the reality is that oftentimes, strict rules govern short-term rentals — forbidding them in some cities and buildings — some still do allow them. Some condos may allow short-term rentals on a monthly basis, for example. In any regard, renting out your property when it's not in use can be a simple way to generate extra income (perhaps to help pay off that mortgage). This can be made even simpler (and more stress-free) with the help of a short-term property management office, to handle everything from key drops to noise issues. For those who don't plan on renting out their unit, however, this amenity surely costs a pretty penny in condo fees. 19. Yoga StudioNew addition to 2024 survey.While urban yoga studios cost a pretty penny these days, for some, the sense of community offered in such spaces — one that's uniquely separate from the home and work — is worth every cent. "I am someone who cares a lot about health and wellness," says Causton. "For this to have an impact, it has to be good enough for me/buyers to consider canceling a gym membership. It needs to be a point of focus not an afterthought. Offer me/the buyer value while also allowing me to save money."While a yoga studio in a condo building sounds nice in theory, unless it comes with accompanying yoga classes — and subsequent sense of community — there's a good chance it will sit unused, as condo-dwelling yogis find their zen elsewhere.20. Cold Plunge Pool New addition to 2024 survey. In something that may come as a surprise to some, despite the growing popularity of cold plunging, a cold plunge pool was ranked at the bottom of the list of desired amenities. Perhaps the trend is too niche to be widely embraced by a condo building filled with people of all ages and backgrounds.If it came down to a choice between a cold plunge pool and a regular pool, we'd bet the latter would be the winner (...and according to this year's ranking, we're right on the money).21. Golf SimulatorNew addition to 2024 survey.While a somewhat niche offering, for the urban golf club-swinging demographic, a golf simulator is a welcome addition to a condo building — and one you won't find in many houses. An increasingly common feature in new builds, golf simulators offer a much more affordable means to practice that swing than on a nearby golf course or driving range. Plus, they don't require the use of a car to lug around clubs. Let's not forget that a golf simulator allows for enjoyment of the sport in the depths of the great Canadian winter, when golf courses remain shut.While golf simulators were ranked poorly, we imagine those who love getting out on the green are keeping them number one in their hearts.22. Wine Storage/CellarNew addition to 2024 survey. Especially in the more luxurious condo developments, we've seen the introduction of wine lockers, storage, and cellars in new condo buildings. While countless condo dwellers may wish to downsize or live in smaller spaces, they don't want to compromise their taste — especially the wine-loving set.However, compared to other amenities, somewhere to house fine bottles of wine simply isn't as important for most. So, wine storage was low on the list of coveted condo amenities.The bottom line is, amenities must simplify the lives — and cater to the lifestyles — of today's condo dweller. Notably, now more than ever, this includes families. "I think housing providers these days are taking time to consider what they can do to make their buildings a better option than a single-family house rather than just a second option, and that’s where the premium, less run-of-the-mill amenities come in,” says Kassam. “Think cold plunge pools, spas and saunas, golf simulators, EV chargers, and amenities geared at accommodating furry friends.”And, of course, different amenities appeal to different end-users.“I think all [the amenities] mentioned above are important, but can be very subjective," says Rivait; he suggests that increased options for families and child programming would enhance the rankings, and explains that his own selections stem from an end-user perspective, rather than a holding investor. “It’s good to have amenities that appeal to work, active lifestyles, and investors and end users,” he says. “A diverse program is paramount.”The Expert Panel The Expert Panel: Barrett Sprowson, Peterson Real Estate | John Lusink, RealServus Holding Corp. | Sunny Hahm, Tandem Real Estate Strategy | Zakiya Kassam, STOREYS | Richard Causton, Spark Real Estate Software | Mike Rivait, Gairloch______________________________________________________________________________________________________________________________ This article was produced in partnership with STOREYS Custom Studio.