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.