A newly released report by the Canadian Home and Mortgage Corporation has revealed that 19% of Condo owners across the country are young people under the age of 35. Somewhat remarkable given that the general consensus has been that condos are being purchased by older wealthy overseas individuals. The report is likely to put cold water on the theory that is these international investors that are driving the growth of the housing industry in Toronto, and other cities across the country. The quote from the report below is as follows:
What do we make of this new information.
Besides. are most of those cities even growing significantly within their city limits? We know for sure that Chicago isn't, and SF and Boston have been retreating from their historic highs for a number of years. We know they're growing in their metro areas, but much (most?) of that growth would not be in the form of condos. And perhaps the other cities had more rental apartment construction than Toronto. And we also know there were a number of years preceding the boom in which Toronto didn't really have significant condo construction despite its growth. So there was likely lots of pent up demand for condo development to occur.