The security and convenience of condo buildings are most attractive to single women and those aged 55 or older, according to a new report from the Canada Mortgage and Housing Corporation (CMHC).
In 2011, women made up 65 per cent of condo owner-occupants who live alone, including 76 per cent of those aged 55 or older.
Almost 20 per cent of condo owners in Canada are under the age of 35, a majority of which are without children, the new report says.
Investors now account for around a quarter of the condo market in Toronto and Vancouver, with the average monthly rent for a two-bed apartment at $1,183 and $1,261 respectively.
Investor flipping of condos is still prevalent with most selling out between two and five years of purchase, according to the CMHC.
Households in Canada continue to get smaller, shrinking from an average of 3.5 persons in 1971 to 2.5 in 2011. This formation, however, remains the driver of new housing construction with the CMHC estimating that between 3.6 and seven million new households are projected in Canada by 2036.
The organization also argues that despite concerns, the national housing market is not oversupplied with the rate near the historical average.
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