CANADA'S CONDO MARKET
Canada’s Condo Market
A recent report from the Conference Board of Canada predicts that Canada’s condo sector will not collapse. This has been a topic of much speculation in major Canadian cities like Toronto, where condo development is booming. Some economists have warned that overproduction will affect real estate prices and could pose a risk for the economy.
However, the report from the Conference Board of Canada, completed for Genworth Canada, argued that population growth and employment gains will assist in keeping the condo market afloat.
Highlights:
· Condo markets in Toronto and Montreal are cooling, but should avoid any major downturns as there is still a decent demand for condos amongst the Baby Boomer demographic.
· Vancouver’s market is already well into a slowdown and will benefit from population growth and the “rising share of condominium-loving empty-nesters aged 55 or more.”
· Predicts a 0.5 per cent decline in Vancouver resale condo prices this year to $364, 593. Montreal’s average resale price is expected to drop 0.7 per cent to $265, 344 and Toronto is forecast to see its average price remain the same this year at $305,239.
Read Full Article here: Globe & Mail – No Downturn for Canada’s Condo Market