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.
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