More than 56% of individual condo owners in Toronto are women
By Newinhomes on Jun 26, 2018
Statistics Canada just released more data about the owners of residential properties in Ontario’s Census Metropolitan Areas. There’s quite a bit to read through, but don’t worry, we did it for you. Read on for a few of the highlights from the report.
When it comes to individual residential owners, women lead the way. Of all the individual owners in Ontario, 52.4% are women. The percentage is down to 51.4% when it comes to detached homes and 57.3% for condos.
In Toronto CMA, 52.2% of individual detached home owners are women, the share is greater at 56.5% among individual condo owners. Clearly, women are a driving force in the condo market.
The same can’t be said about people under the age of 35. Only 9.6% of residential owners in Ontario are under 35 years old. The home type with the greatest share of younger owners is rowhouses (14.6%).
When it comes to condo ownership, 13.9% are under 35. As expected, the share decreases with semis (11.4%) and detached homes (8.5%). At least in Toronto CMA, it’s more likely to see a young condo owner (15.5%).
The new condo market may be hot in the Greater Toronto Area, but nearly two-thirds of all residential properties in Ontario are detached homes. In the GTA, new single-family home sales were pretty low in May 2018. It’s unclear whether Statistics Canada takes preconstruction data into consideration.
36% of the province’s residential properties are located in Toronto CMA, and 53% of them are detached homes. 70% of the province’s condos are in Toronto CMA, and 20.7% of all the residential properties in Toronto CMA are condos.
Those of you who believed the non-resident tax would have a significant impact on the housing market, you may want to take a look at these figures. Non-residents own just 2.3% of the residential properties in Ontario. Among detached home owners, only 1.6% are non-residents, and with condos, the share is greater at 5%.
In Toronto CMA, the share of non-resident owners jumps slightly to 3.9%, but the share is well below 2% in all other CMAs. Kingston and St.Catharines-Niagara are the only other CMAs with non-resident ownership share above 2%, and it’s largely due to these areas being popular weekend getaway spots.
Another interesting find regarding non-resident owners is the fact that their properties are valued higher than resident-owned properties. The average value of a detached home owned by a non-resident is $984,000, about $144,000 higher than a resident-owned detached home. The average value of a condo owned by a non-resident is $426,000, a whopping $36,000 above the average value of a resident-owned unit.
