Condos are the Vancouver Home of the Future

Judging by demographic trends, sales and construction activity, the future of housing is leaning sharply towards condominiums and townhomes. Condominiums and townhomes represent one in two residential sales in Metro Vancouver as of Nov 2010. Their universal appeal attracts entry level buyers to affluent, experienced buyers. The demand is of course linked to the lower prices but it also reflects a growing number of people downsizing and living alone.

Today 9.9% of Canadians live alone, including more than one million seniors. Single people also account for 27% of the population. 

As the Baby Boomers age, 38% of long term marriages end in divorce and those that stay married often downsize to a condo from a house when they become empty nesters.

Virtually all of Canada's housing demand growth will come from this 25-34 age group, reflecting the maturing of the baby echo generation. 

These buyers, many of them singles or young professional couples, support continuing moderate demand for condos, particularly in urban centres close to employment opportunities.

There is also high deand from investors  local and offshore.

Buying or selling Vancouver real estate? Put Maggie Chandler's hyper-local experience to work for you!

Comments:
No comments

Post Your Comment:

* indicates required fields.
Your Name: *
Please note, your email will not be shown publicly
Your Email (will not be published): *
Comment: *
Please type the text as it appears above:
Blogs
Posts By Date
Categories
The data relating to real estate on this website comes in part from the MLS® Reciprocity program of either the Real Estate Board of Greater Vancouver (REBGV), the Fraser Valley Real Estate Board (FVREB) or the Chilliwack and District Real Estate Board (CADREB). Real estate listings held by participating real estate firms are marked with the MLS® logo and detailed information about the listing includes the name of the listing agent. This representation is based in whole or part on data generated by either the REBGV, the FVREB or the CADREB which assumes no responsibility for its accuracy. The materials contained on this page may not be reproduced without the express written consent of either the REBGV, the FVREB or the CADREB.