As cranes continue to crowd the skylines of major cities across Canada, a BMO Bank of Montréal report shows that plans to buy a condo in the next five years among homeowners in Toronto and Calgary are on the rise, while buyers in Montréal and Vancouver are reconsidering the prospects of high-rise living.
The report, conducted by Pollara, examined intentions to buy property in the next five years among homeowners in four of Canada’s major city centres, and revealed:
- Toronto: One-third (31 per cent) of prospective buyers in Toronto plan to purchase a condo in the next five years, up 11 points from the fall.
- Vancouver: Intent to buy condos in Vancouver has dipped by five points, from 33 per cent in the fall to 28 per cent.
- Calgary: Prospects for condos among home buyers in Calgary has risen 8 points from the fall (33 per cent versus 25 per cent), while intent to buy a traditional home has dropped from 71 per cent in the fall to 58 per cent.
- Montréal: 24 per cent of buyers in Montréal will be opting for condo living, down 3 points. However, intent to buy a house has risen sharply by 16 points, from 46 per cent in the fall to 62 per cent.
Frances Hinojosa, mortgage expert at BMO Bank of Montréal, noted that the convenient condo lifestyle offers benefits for a number of demographics, from first-time buyers to baby boomers. “For many first-time buyers, particularly in high-priced markets like Toronto and Vancouver, condos represent an affordable stepping stone into the housing market,” said Hinojosa. “On the other side of the spectrum, many in the baby boomer demographic may be looking to downsize from the family home – leading some to consider the condo market as well.”
Hinojosa added that the report shows prospective buyers of the age 50 and over are more likely to be planning to purchase a condo than those under the age of 50 (30 per cent versus 17 per cent).