The landscape of the Canadian housing industry has changed dramatically over the past several years – physically and intrinsically.
Land becomes a premium, particularly in larger metropolitan centres, lifestyle and housing priorities adjust, Baby Boomers seek en masse to downsize – often uptown – and all these factors come together to create an explosion in the condo market, as developers seek to move their projects upwards, rather than sprawling out.
And as demand increases, the laws of economics say that so must supply. Condominium development has seen a healthy uptick over the last several years.
In a recent study by RE/MAX, outlining the sheer dollar impact that new construction and renovation has had, both on the dramatically doubling of property prices in the country over the last decade, and also in terms of driving revenues towards the new construction and renovations industries, they suggest that condominiums have emerged as an attractive option for several new groups, as attitudes and desires towards housing shift.
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