{"id":10829,"date":"2018-11-15T11:11:21","date_gmt":"2018-11-15T19:11:21","guid":{"rendered":"http:\/\/www.roryc.ca\/blog\/?p=10829"},"modified":"2018-11-08T16:30:39","modified_gmt":"2018-11-09T00:30:39","slug":"demand-for-condos-is-up-as-canadian-are-priced-out-of-single-family-homes","status":"publish","type":"post","link":"https:\/\/www.roryc.ca\/blog\/2018\/11\/demand-for-condos-is-up-as-canadian-are-priced-out-of-single-family-homes\/","title":{"rendered":"Demand for Condos is Up as Canadian are Priced Out of Single-Family Homes"},"content":{"rendered":"

Housing affordability reports for the third quarter of 2018 are coming in, and they\u2019re not looking pretty.<\/p>\n

Affordability worsened in nine out of 10 urban markets last quarter, according to the National Bank\u2019s latest housing affordability index. While home price growth has slowed in many cities, average income is struggling to keep pace.<\/p>\n

\u201cExpensive housing markets such as Vancouver and Toronto slowed down markedly in 2018 and home prices even declined in Q3,\u201d reads the report. \u201cDespite lower home prices, homebuyer affordability failed to improve as wages were down in those markets.\u201d<\/p>\n

As affordability deteriorates, a trend is making itself known \u2014 families unable to afford a low-rise home are increasingly turning to the condo market as a cheaper alternative.<\/p>\n

\u201cWhile a significant portion of home buyers have been priced out of single-family homes, demand is currently strong for condos as shown by prices rising 6.8 percent over the past year [while non-condo prices are flat],\u201d reads the report.<\/p>\n

But as demand shifts towards the condo market, its affordability is beginning to deteriorate. The trend is particularly noticeable in Toronto, where condo prices were up 6.1 percent year-over-year last quarter.<\/p>\n

\u201cWith non-condo ownership being unattainable for most households, a spillover could be headed towards the relatively more affordable condo segment,\u201d reads the report.<\/p>\n

Meanwhile, Vancouver\u2019s condo market experienced its 13th consecutive quarterly affordability deterioration in Q3. While the average home price was down 0.9 percent quarter-over-quarter, it rose to a nationwide high of 6.9 percent over the past year.<\/p>\n

Demand for Condos is Up as Canadian are Priced Out of Low-Rise Homes<\/a> by Sarah Niedoba | Livabl<\/p>\n","protected":false},"excerpt":{"rendered":"

Housing affordability reports for the third quarter of 2018 are coming in, and they\u2019re not looking pretty. Affordability worsened in nine out of 10 urban markets last quarter, according to … [read more<\/a>]<\/p>\n","protected":false},"author":3,"featured_media":0,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[8],"tags":[],"class_list":["post-10829","post","type-post","status-publish","format-standard","hentry","category-market-updates"],"yoast_head":"\nDemand for Condos is Up as Canadian are Priced Out of Single-Family Homes • Rory C Real Estate | Oakwyn Realty<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/www.roryc.ca\/blog\/2018\/11\/demand-for-condos-is-up-as-canadian-are-priced-out-of-single-family-homes\/\" \/>\n<meta name=\"twitter:card\" content=\"summary_large_image\" \/>\n<meta name=\"twitter:title\" content=\"Demand for Condos is Up as Canadian are Priced Out of Single-Family Homes • Rory C Real Estate | Oakwyn Realty\" \/>\n<meta name=\"twitter:description\" content=\"Housing affordability reports for the third quarter of 2018 are coming in, and they\u2019re not looking pretty. 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