Baby boomers to continue to drive demand for condos
| Baby boomers to continue to drive demand for condos | ||
| Prices to rise through 2011, says Genworth report | ||
| Anne Howland | ||
Province |
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| Thursday, September, 13, 2007 |
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OTTAWA
-- Baby boomers leaving their "empty nests" for more convenient,
smaller homes near shops and restaurants will keep the price of condos
in major Canadian cities buoyant over the next several years, a new
report shows.
According to the Summer 2007 Metropolitan Condominium Outlook released yesterday by Genworth
Financial Canada, demand for condos will ease slightly nationally,
although new construction and resale activity will remain high by
historical standards.
The outlook
reviewed resale condo markets in Quebec City, Montreal, Ottawa,
Toronto, Calgary, Edmonton, Vancouver and Victoria, which all
registered price growth in 2006 and are forecast to continue to grow
this year and through 2011.
Demand from
boomers over age 55, as well as first-time buyers looking for
affordable housing alternatives, will keep price growth steady, the
report said.
"The record
number of baby boomers will help maintain demand for condos in markets
across the country, keeping price growth steady," said Peter Vukanovich, president, Genworth Financial Canada.
Census figures
released in July by Statistics Canada show the number of people aged 55
to 64, many of whom are approaching retirement, is at a record high of
3.7 million. © The Vancouver Province 2007
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