Canada’s booming condo markets are gearing up for a soft landing, though some will land a little harder than others according to the latest Conference Board of Canada condo report recently released by Genworth Canada. The report points to varying economic conditions nation-wide as the reason behind regional variances, including Toronto and Vancouver leading the way in GDP growth, and weaker economic conditions is Calgary and Edmonton. Despite the dip in the Prairies, the report shows all eight major Canadian markets studied – Victoria, Vancouver, Edmonton, Calgary, Toronto, Ottawa, Montreal and Quebec City – will experience decent population growth to support continued growth in condo sales and prices.
Boom to bust? Not this year!
Those who predicted a condo crash in hotter-than-hot cities like Toronto and Vancouver are in for a surprise.”From a national perspective, these findings support an overall balanced outlook on Canada’s condo market for 2015, with the exception of certain oil-exposed regions,” says Stuart Levings, president and CEO of Genworth Canada. “We continue to see evidence that population growth and employment remain key drivers of demand for condos in urban centres.” With demand still there for those downtown dwellings in the sky, prices will continue to rise in 2015, but at a more moderate than in years past with the exception of Alberta, where prices will drop in line with economic activity. “While the health of apartment condominium markets varies significantly by region, nowhere do we see a bubble about to burst,” says Robin Wiebe, senior economist at the Centre for Municipal Studies at The Conference Board of Canada.
Roll over these buttons to see each city’s resale condo price forecasts for 2015 & 2016: