Condos or Single-Family Homes? Canadians Prefer This

Recent numbers from the Building Industry and Land Development Association (BILD) are showing certain trends in Canadian homes sales. According to BILD CEO, David Wilkes, these trends show a major shift in what Canadians want and find feasible when it comes to purchasing a home. Here’s what the numbers show:

Condo demand is still high. Condos accounted for 2,079 out of 2,500 of new homes sales in the summer of 2018, showing a steady upward trajectory, both in terms of benchmark prices and sales volumes.

Canadian condo prices continue to rise. According to numbers for June 2018, the benchmark price of a new condo came in at $774,554, a sizeable 23.5 per cent jump from the same month in 2017. “It’s a very strong market,” Wilkes told media outlets.

Single-family homes continue to drop in sales volume. Sales for single-family homes dropped almost 20 per cent year-over-year, despite the benchmark price falling 9.4 per cent year-over-year.

Why condos? “When you look at their affordability and the range of choice available,” suggests Wilkes, “I think demand remains strong because of both of those factors.”