Emerging Trends in Canadian Real Estate
Emerging Trends in Canadian Real Estate
› More and more Canadians are moving back to the big cities, primarily to Toronto, Vancouver and Montreal, but also to smaller cities.
› Rather than choosing to live in the suburbs, more Canadians are increasingly choosing to live inside the city limits and part of that choice means a shifting demand away from single-family, detached homes to high-rise apartment, condo and townhome living. This trend of denser urbanization will continue.
› The market has been shifting, particularly in urban centres. Ten or so years ago there was three low-rise sales for every one high-rise, but today that number has changed.
› As of December 2012, the index price for a new low-rise home jumped 16% over 2011 levels to a record high of $632,024, up only 0.4% from 2011. This division in price has helped drive the high-rise market.
› Mixed use style properties, combining residential, commercial and especially retail space are a trend to watch for across all major urban centres.
› In most urban areas, multi-unit projects such as condominiums and townhouses experienced growth, with starts rising 4.3% across the country in September 2013 to 177,240 units.
Toronto Condo Market Statistics and Trends Toronto holds the title as North America’s largest condo market. Over the last twenty-five years, condominium apartments have grown from virtual nonexistence to 50% of all new home sales and 15% of all housing resales in the Toronto CMA.
Market Overview A total of 3,903 new condominium apartment sales were recorded in the Toronto CMA in Q2-2013.
New Condominium Market A total of 393 high-rise condominium apartment projects were tracked in Q2-2013, including 367 active projects containing 92,398 units and 7,764 units in 26 sold out (and not registered) projects. 3,903 new condominium units sold in Q2-2013, an increase of 43% from Q1-2013 (2,728) and a decrease of 18% from Q2-2013 (4,769).
Future Condominium Market The third quarter could see as many as 17 projects comprising approximately 4,600 units launch. As with previous years, it is likely many of these will open late in the quarter or be pushed back into Q4-2013.
more…
Micro Condo Trends Across Canada
› Canada’s major cities have all begun to see apartments and micro-condos under 400 square-feet.
› M arket analysts say the average condo size is rapidly shrinking with overall footage dropping about 80 square-feet in the last four years alone.
› T here are 100 units smaller than 400 square-feet being built in B.C.’s Lower Mainland and in the GTA, with a few unitis in Calgary, Montreal and a handful more scattered around the country.
› M icro-condos are being marketed to younger buyers looking to live close to the action of downtown. The micro condo appeals to the consummate downtowner and young professional who is looking for an affordable budget and isn’t living in their space all the time.
› W hile micro condos may sound small, they’re designed to save space. Some are sold furnished, while others have features like beds that fold down from the wall, a combined washer-dryer and extra counter space that comes in a drawer.
› Toronto is about to enter the “global micro-living trend” for the first time
› O ver the last 10 years, condos in Toronto have become smaller in order to stay affordable, given land costs and construction costs.
http://genworth.ca/en/pdfs/Metropolitan_Condo_Outlook_Winter_2013_EN.pdf http://www.pwc.com/en_CA/ca/real-estate/publications/pwc-emerging-trends-in-real-estate-2012-11-30-en.pdf http://www.urbanation.ca/
› More and more Canadians are moving back to the big cities, primarily to Toronto, Vancouver and Montreal, but also to smaller cities.
› Rather than choosing to live in the suburbs, more Canadians are increasingly choosing to live inside the city limits and part of that choice means a shifting demand away from single-family, detached homes to high-rise apartment, condo and townhome living. This trend of denser urbanization will continue.
› The market has been shifting, particularly in urban centres. Ten or so years ago there was three low-rise sales for every one high-rise, but today that number has changed.
› As of December 2012, the index price for a new low-rise home jumped 16% over 2011 levels to a record high of $632,024, up only 0.4% from 2011. This division in price has helped drive the high-rise market.
› Mixed use style properties, combining residential, commercial and especially retail space are a trend to watch for across all major urban centres.
› In most urban areas, multi-unit projects such as condominiums and townhouses experienced growth, with starts rising 4.3% across the country in September 2013 to 177,240 units.
Toronto Condo Market Statistics and Trends Toronto holds the title as North America’s largest condo market. Over the last twenty-five years, condominium apartments have grown from virtual nonexistence to 50% of all new home sales and 15% of all housing resales in the Toronto CMA.
Market Overview A total of 3,903 new condominium apartment sales were recorded in the Toronto CMA in Q2-2013.
New Condominium Market A total of 393 high-rise condominium apartment projects were tracked in Q2-2013, including 367 active projects containing 92,398 units and 7,764 units in 26 sold out (and not registered) projects. 3,903 new condominium units sold in Q2-2013, an increase of 43% from Q1-2013 (2,728) and a decrease of 18% from Q2-2013 (4,769).
Future Condominium Market The third quarter could see as many as 17 projects comprising approximately 4,600 units launch. As with previous years, it is likely many of these will open late in the quarter or be pushed back into Q4-2013.
more…
Micro Condo Trends Across Canada
› Canada’s major cities have all begun to see apartments and micro-condos under 400 square-feet.
› M arket analysts say the average condo size is rapidly shrinking with overall footage dropping about 80 square-feet in the last four years alone.
› T here are 100 units smaller than 400 square-feet being built in B.C.’s Lower Mainland and in the GTA, with a few unitis in Calgary, Montreal and a handful more scattered around the country.
› M icro-condos are being marketed to younger buyers looking to live close to the action of downtown. The micro condo appeals to the consummate downtowner and young professional who is looking for an affordable budget and isn’t living in their space all the time.
› W hile micro condos may sound small, they’re designed to save space. Some are sold furnished, while others have features like beds that fold down from the wall, a combined washer-dryer and extra counter space that comes in a drawer.
› Toronto is about to enter the “global micro-living trend” for the first time
› O ver the last 10 years, condos in Toronto have become smaller in order to stay affordable, given land costs and construction costs.
http://genworth.ca/en/pdfs/Metropolitan_Condo_Outlook_Winter_2013_EN.pdf http://www.pwc.com/en_CA/ca/real-estate/publications/pwc-emerging-trends-in-real-estate-2012-11-30-en.pdf http://www.urbanation.ca/
