CMHC Releases Canadian Housing Observer 2013
By Lucas on Dec 19, 2013
The Canada Mortgage and Housing Corporation (CMHC) released the 11th edition of their annual Canadian Housing Observer. This year’s report has a special feature on the country’s exciting condominium market.
“Condos (called strata in BC) include a variety of housing types and are an increasingly popular form of homeownership. Condos which are rented out supplement the supply of traditional purpose-built rental units. The article, which includes discussion of the condominium apartment markets in Toronto and Vancouver, is a must read for anyone interested in residential condominiums,” said Douglas A. Stewart, Interim President and CEO of CMHC.
Listed below are a few highlights from the condo feature:
Between 1981 and 2011, owner-occupied condos increased from 171,000 to 1,154,000. Then add 461,000 rented condos, and you get a total of 1,615,000 occupied condos across Canada!
Condos almost quadrupled their share of the homeownership market, reaching 12.6% in 2011, compared to 3.3% in 1981.
Condos aren’t just in high-rises. In 2011, condos comprised low-rises (36%), high-rises (31%), row houses (23%), single-detached houses (4%), and other housing types (6%).
In 2012, condos accounted for 40% of housing starts in urban Canada.
In 2011, 19% of condo owners were 35 years old and younger. 29% were aged 65 and older.
65% of condo owner-occupants in 2011 were women who lived alone; 76% of which were 55 or older.
In 2011, 42% of households in owner-occupied condos lived alone, and 28% were couples without children.
Toronto and Vancouver CMAs accounted for 51% of Canadian condo housing starts in 2012.
The rest of this year’s Observer presents trends, statistics, and analysis of housing financing, markets, demographic and socio-economic influences, affordability, and sustainability. If you have a strong interest in Canada’s current real estate environment, you need to check out this in depth report!
