The majority of first-time homebuyers in several large Ontario cities are moving into condominiums to avoid the high prices of single-family homes, a recent report has found.
The 2010 ReMax Condominium Report, which analyzed buying trends in nine communities (eight in Ontario and one in Nova Scotia), found that condo buying is on the rise.
The highest gain in condo activity occurred in Ottawa where sales increased 11.9 per cent from January to September, when compared to the same period last year. Nearly one in every four homes sold in the city during this period were condos.
Toronto saw the second largest gain, with year-to-date sales increasing 10.4 per cent, while one in every three homes sold during this period were condos.
The report also recorded increases in other Ontario communities. The most notable gains were:
• 7.8 per cent in Kitchener-Waterloo where one in every five homes sold were condos
• 6.9 per cent in Collingwood where one in every five homes sold were condos
• 6.0 per cent in Hamilton-Burlington where one in every four homes sold were condos
Judging by these recent gains, Michael Polzler, executive vice president of ReMax Ontario-Atlantic Canada, says condo ownership is poised for “dramatic growth” in the future.
“The lifestyle has also gained a foothold with younger, hipper audiences, as the definition of homeownership evolves with the changing demographics. Dreams of the small home with a white picket fence are being replaced by the funky loft apartment in close proximity to shops, restaurants, and entertainment.”