City has highest percentage of condo-ownership in Canada: CMHC

Vancouver has Canada's highest percentage of condo owners in the country, according to CMHC data released December 18.
Condos, Vancouver's Yaletown neighbourhood

Vancouver has Canada's highest percentage of condo owners in the country, according to CMHC data released December 18.

The report found that in 2011, condos comprised 35% of all owner-occupied homes in the Vancouver census metropolitan area (CMA) – almost triple the national average of 13%. Two other CMAs in British Columbia came in second and third place: Abbotsford-Mission (26%) and Victoria (22%).

CMHC broke out the average cost of condo apartments in different areas across the Lower Mainland. The average prices as of March 2013 were:

  • Vancouver downtown: $708,000;
  • Vancouver Westside: $458,000;
  • Richmond: $354,000;
  • Coquitlam: $282,000;
  • Surrey: $268,000; and
  • Langley: $201,000.

Vancouver also had the country's highest percentage of condo apartments that were used as rental units at 26%, followed by Toronto at 23%.

In 2012, the percentage of all housing starts that were condominium starts was 64% – again, the highest in the country. Toronto came in second at 59% and Montreal followed at 58%.

In terms of apartment rentals, Vancouver again takes top slot, having the highest average rent on a two-bedroom apartment at $1,261. The average rent in Toronto was $1,183 and Calgary was $1,150.

ecrawford@biv.com

@EmmaCrawfordBIV

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