{"id":12481,"date":"2019-05-13T10:10:12","date_gmt":"2019-05-13T17:10:12","guid":{"rendered":"http:\/\/www.roryc.ca\/blog\/?p=12481"},"modified":"2019-05-01T11:12:16","modified_gmt":"2019-05-01T18:12:16","slug":"who-are-behind-surging-demand-for-new-canadian-condos","status":"publish","type":"post","link":"https:\/\/www.roryc.ca\/blog\/2019\/05\/who-are-behind-surging-demand-for-new-canadian-condos\/","title":{"rendered":"Who are Behind Surging Demand for New Canadian Condos?"},"content":{"rendered":"<p style=\"text-align: justify;\">Investment in homebuilding remains strong in Canada on the shoulders of continued demand for condos as a few key demographic groups all try to climb onto the property ladder, new analysis suggests.<\/p>\n<p style=\"text-align: justify;\">\u201cDemand for condos still remains robust amid the fastest population growth since the 1990s,\u201d writes Priscilla Thiagamoorthy, an economic analyst for BMO, in a note to clients.<\/p>\n<p style=\"text-align: justify;\">\u201cMillennials, international migrants, and downsizing baby boomers are all vying for the last affordable housing option \u2014 in a few major cities,\u201d she explains.<\/p>\n<p style=\"text-align: justify;\">Thiagamoorthy\u2019s comments were in response to building construction investment data Statistics Canada released April 23rd.<\/p>\n<p style=\"text-align: justify;\">The Statistics Canada report says $15.3 billion was invested in building construction in February, up 3.8 percent compared to January. The national statistical agency says increased residential investment, which was up 5.4 percent to $11 billion, was largely responsible for the gains.<\/p>\n<p style=\"text-align: justify;\">Drilling further down into the numbers, Statistics Canada highlights another investment driver. \u201cThe gain in residential investment was primarily due to renovation work, up $1.1 billion from the previous year,\u201d the StatsCan report reads.<\/p>\n<p style=\"text-align: justify;\">Thiagamoorthy underscores a changing tide in Canadian residential investment in terms of what types of homes are being invested in.<\/p>\n<p style=\"text-align: justify;\">\u201cNotably, investment in multis extended its upward trend to surpass investment in singles, reflecting a major shift,\u201d she writes.<\/p>\n<p style=\"text-align: justify;\">As cities have increased in density, multi-family homes \u2014 a majority of which are condos \u2014 have come to make up an increasing share of the new-construction market.<\/p>\n<p style=\"text-align: justify;\">In the first quarter of this year, contractors broke ground for 37,283 homes, according to figures from the Canada Mortgage and Housing Corporation. Of those dwellings, 29,104 were multi-family units versus just 8,179 single-family homes.<\/p>\n<p style=\"text-align: justify;\">\u201cThe increase in total residential investment for February was driven by strength in multi-unit dwellings (+8.4% to $5.5 billion), while investment in single family homes rose more modestly (+2.6% to $5.5 billion),\u201d StatsCan says in its report.<\/p>\n<p style=\"text-align: justify;\"><a href=\"https:\/\/www.livabl.com\/2019\/05\/millennials-migrants-surging-demand-canadian-condos.html\" target=\"_blank\" rel=\"noopener noreferrer\">Millennials &amp; Migrants are Behind Surging Demand for New Canadian Condos<\/a> by Josh Sherman | Livabl<\/p>\n","protected":false},"excerpt":{"rendered":"<p>Investment in homebuilding remains strong in Canada on the shoulders of continued demand for condos as a few key demographic groups all try to climb onto the property ladder, new &hellip; [<a href=\"https:\/\/www.roryc.ca\/blog\/2019\/05\/who-are-behind-surging-demand-for-new-canadian-condos\/\">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":[13],"tags":[],"class_list":["post-12481","post","type-post","status-publish","format-standard","hentry","category-real-estate"],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v27.7 - https:\/\/yoast.com\/product\/yoast-seo-wordpress\/ -->\n<title>Who are Behind Surging Demand for New Canadian Condos? 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