According to data from the Canada Mortgage and Housing Corporation (CMHC), construction of multi-unit condominium buildings topped 185,000 in the summer of 2019, making it the biggest condo building boom in Canada since 1990. While summers are often a busy time for construction—thanks to warmer and more predictable weather—this is still a significant figure. Here’s what it means for Canadian buyers.
Demand for condos is still going strong. Thanks to an influx of single buyers and those looking for homes close to urban centers, the demand for the lower-maintenance condominium lifestyle continues to rise. This construction is a direct result of that.
Canada remains a great place to invest. With an increase in condominium buildings, Canada remains a great place to invest or set down roots, whether you’re looking to downsize, buy your first home or purchase an income property.
Canadians’ lifestyles are evolving. An increase in condominium demand can partly be attributed to a different set of lifestyle values. Buyers are realizing that a smaller home means less maintenance, meaning more time to spend with friends, family and doing the things they love. Since condominiums tend to be built in more urban areas, it also means a shorter commute for many and more amenities within walking distance.
With an unprecedented condo boom like this, it’s a great time to talk to a real estate agent about getting into the market.