Condos More Affordable in Calgary and EdmontonAlberta regional markets clearly vary in strength, all will benefit from an expanding population and a rising share of condominium-loving empty-nesters whom are older” the Conference Board of Canada report adds.
It also says that weak pricing will help affordability. It predicts that principle and interest payments will drop in at least five major cities this year, led by a 2.5 per cent decline in Victoria.
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While payments are expected to rise in Alberta, the report says that Calgary and Edmonton are still the most affordable condo markets when local incomes are taken into account, with mortgage payments taking only about 9 per cent of household income. “By contrast, we expect payments to eat up roughly 20 per cent of Vancouver incomes,” it says.
Vancouver's Condo Market is not on the verge of collaspe as it has been reported by many doomsayers that state that the Vancouver Market is overbuilt. Yet, there has never been any evidence that there are too many condos under construction in Vancouver. The Conference Board of Canada has supported this argument by stating that in it's future predictions the Toronto Condo Market Will Remain Stable.
A new report from the Conference Board of Canada predicts that the much-watched condo sector will avoid an ugly downturn, even in Vancouver.
Economists and policy-makers are keeping a close eye on condos, especially in the country’s most populous city, where cranes dot the sky. A number of economists say that too many units are being built, a development that would put pressure on prices. The Bank of Canada has highlighted the risks that this market could pose to the economy
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