Saturday, 21 December 2013

Condo Ownership in Canada has Grown Exponentially over the Past 30 years

CMHC reports that condo construction as well as ownership has grown exponentially over the last three decades, from just 171,000 units in 1981 to 1.6 million in 2011, a growth rate more far faster than single-family homes.  461,000  condos were being rented out in 2011, based on the CMHC report. Condos account for 40% of all housing starts across Canada, even more in the Greater Toronto Area.

In fact in the Toronto Area, condos skyscrapers account for 70% of all condo starts. It is an incredible number and points to a dramatic shift in housing patterns in Toronto as well as Canada as a whole.

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