Love them or hate them, condos are becoming a bigger piece of the housing make up of Canada. Drawing on statistics going back all the way to 1981, the CMHC released the latest edition of the Canadian Housing Observer with a special section on condos – who’s buying, how many there are nation-wide and where they’re primarily located.
So how many condo units are there in Canada? As of 2011, there were 1,615,000 occupied condos across the country. Since 1981, the amount of owner-occupied condos grew from 171,000 to 1,154,000 in 2011 (Tweet this). That increase grew more than nine times faster than the rate of growth for other owner-occupied homes.
Here are some other fascinating facts from the country’s condo boom:
- Seniors are gravitating towards the suite life, even more so than young folks: in 2011, 29 per cent of condo owners were 65 or older, while 19 per cent were 35 and younger (Tweet this).
- About 45 per cent of owner-occupied units were households made of a one person, while 28 per cent were made up of couples without children.
- Women are a huge part of the market; in 2011, they made up 65 per cent of owner-occupants who lived alone, including 76 per cent of owners who were 55 plus.
- Women also made up 84 per cent of lone-parent owners.
- In 2012, condos being rented out by investor-owners made up 23 per cent of the Toronto and 26 per cent of the Vancouver market.
Where the condos call home
- The condo is truly king in Vancouver where they made up 35 per cent of owner-occupied housing stock in 2011, the highest amount of all the metros studied (Tweet this).
- Together, Vancouver and Toronto made up 51 per cent of all condo starts in 2012 (Tweet this).
- Think all condos are skyscrapers? In 2011, the highest amount (36 per cent) were low-rise apartments, followed by high-rises at 31 per cent and row houses at 23 per cent.
- The landscape is different in Toronto, which is home to half of all high-rise condos in Canada (Tweet this); it’s the only city in which high-rises accounted for the majority of condo suites, with two-thirds of its condo stock located in towers.
For more details, check out the tables below…