Condo living has evolved significantly over the last decade, and so too has the profile of condo buyers. Historically, demand for condos was driven largely by empty nesters and seniors, and the concentration of this built form was focused in dense, urban centres. Today, condo developments are widespread, and condo living is considered an attractive alternative to single family homeownership. From first-time buyers and downsizers, couples and even small families, a diverse number of buyers are recognizing the appeal of condo living.
Taking a look at recent census data, our overall country demographics are also changing, and this shift is fuelling a further demand for condo-style living. For the first time ever, households comprised of couples without children are surpassing those of households with children. For example, in 2001, couples with children accounted for 30.5% of households while those without children were at 28%. In 2011, the former has dropped to 26.5% with the latter increasing to 29.5%, and the gap continues to widen.
The stats also reveal that several people are waiting longer to have children, and families in general are getting smaller in size. In 1961 the average number of children per household was 2.7, in 2011 that figure dropped to 1.9. What this means is that people don’t necessarily require the extra space that a single family home may offer, and many are looking for affordable options close to transit and amenities. When these households are looking to grow, several are considering a move to a larger condo or perhaps a townhome. Just take a look at Yaletown where strollers outnumber purse-sized dogs, and the sea wall is considered the ‘backyard’ for these urban families.
Another interesting stat is the increasingly large number of one-person households across the country. Between 2006 and 2011 the number of one-person households dramatically increased by 10.4% to 3,673,300 or 27.6% of the overall population. These buyers could be from a variety of life stages including first-time buyers, separated families, and downsizers, all driven by a need for affordable housing options.
And of course we can’t forget our Baby Boomers. At approximately one third of our overall population and accounting for 9.6 million people, the Baby Boomers are a significant group that is increasingly looking for low-maintenance and safe housing options. While technically considered ‘downsizing’, in several ways condo living is an opportunity for these buyers to upgrade their life with the best in new home design and quality, while enjoying the convenience and safety of a lock-and-leave housing solution.
It’s clear that condo living is a viable option for many of us in all stages of our lives, and there’s a demand for this housing form. Looking at the Canada Mortgage and Housing Corp. (CMHC) stats, there’s an expected 207,200 new housing starts this year with 60% or 123,700 of these being multi-unit dwellings (predominantly condos). In Metro Vancouver alone, the first 8 months of the year saw a rise in multi-family home construction up 19% from 2011 with 10,788 units planned, whereas single family home construction is on the decline, down 3% to 2,324 units.
Has condo living replaced the dream of the ‘house with the white picket fence’? Regardless, it’s clear there’s a strong demand and will be for quite some time.
Cameron McNeill
