Canadians in market to buy condos
But what is it that is attracting buyers to the condo lifestyle?
"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."
Convenience and maintenance-free living also attract people to the condo lifestyle.
For those who do not want the ongoing maintenance such as mowing the lawn, shovelling the driveway and outdoor repairs that typically come with home ownership, condo living makes perfect sense.
By major Canadian city, 31 per cent of prospective buyers in Toronto plan to purchase a condo by 2018 which is up by 11 points; in Vancouver, the intent to buy a condo has dropped by five points to 28 per cent; in Calgary it has risen by eight points to 33 per cent; and in Montreal, 24 per cent have indicated they will be purchasing a condo within the next five years.
Sal Guatieri, Senior Economist, BMO Capital Markets, adds, "Condos remain an affordable alternative to the pricey detached market in some major cities. For example, a typical Toronto condo today requires just 22 per cent of a median family's income to service; Vancouver condos - while more expensive - are still affordable at 28 per cent of income.
"Downsizing baby boomers and upsizing - from the parents' basement - echo boomers are likely to support the condo market in the coming decade."
Condo or detached home? Whichever suits your lifestyle and your pocketbook is the right housing choice for you.
By Donna Donaldson, MSN Money
Would you choose condo living over buying a detached home? Why or why not?