As such, condo living is destined to be the dominant form of housing, particularly in cities, according to a leading industry player.
Existing condos currently account for about 15 per cent of total housing in Toronto, Vancouver and Montreal, and just over 8 per cent nation-wide, according to Royal LePage.“Clearly the pendulum has swung towards this style of living,” said its CEO, Phil Soper.
Steady immigration into the country and affordability is driving the current demand for condo units and this is a trend that is set to continue. High-rise condos account for about 40 per cent of new-home construction in large cities, a figure that is expected to rise to 51 per cent in the last half of the decade and 54 per cent by the end of the 2020s.
“Condo living is appealing to not only the younger generation, but empty nesters are capitalizing on the turn key lifestyle. They can travel easily without the worry of home maintenance and they have the funds to acquire condos with larger spaces,” says Erica Smith from Condo Chicks Stomp Realty.
“With traffic issues in Toronto, the condo lifestyle is an alternative to long and frustrating commutes. Homes in the city are out of range price wise for the normal couple therefore condos have the edge price wise.”
The average size of a unit has now shrunk to about 797 sq. ft, down from 900 sq. ft. over five years ago, according to RealNet Canada Inc.
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More Canadians are embracing condos for long-term accommodation and not just short-term solutions and convenience.