According to a new RE/MAX Housing Evolution report, the billions spent across Canada in the last decade have contributed to a major upswing in the calibre of Canada’s housing stock, driving up average residential prices in the country’s major centres.
In B.C ., in particular, the report noted that condominiums have changed the urban landscape, propping residential neighbourhoods up and bringing to market multiple new options – from mixed-use residential, to live-work studios, lofts, townhomes and condo-bungalows.
Townhomes have soared in popularity, “bridging the gap for empty-nesters and retirees not yet ready for apartment-style living,” the report states.
Elton Ash, regional executive vice-president, RE/MAX of Western Canada, said, “Condominiums are undeniably the biggest game changer for real estate over the past decade, especially in B.C. and Alberta, where they comprise 25% to 50% of residential sales.
“As the product has gained widespread acceptance, it’s upside effect on the housing mix stands out, keeping home ownership within reach for first-time buyers, creating trendy urban pockets coveted by young professionals and offering aging baby boomers exciting advantages from low-maintenance living.”
With a lack of purpose-built rental housing being built in Canadian centres, it’s no surprise investors have also been particularly active in the condominium market, the report said.
Jennifer Harrison
@JHarrisonBIV