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Who Are The Condo Buyers in Canadian Major Cities

Retirees, first-time home buyers and population growth will fuel demand for condominiums in major Canadian cities in upcoming years, according to a new report from Genworth Financial Mortgage Insurance Company Canada (Genworth Canada) and the Conference Board of Canada.

Genworth Canada’s Summer 2012 Metropolitan Condo Outlook finds that retirees aged 55+ are increasingly buying condominiums, a trend that will become even more pronounced as baby-boomers age.

Additional factors such as employment growth and continued low interest rates are cited as supporting the condo and housing market overall.

“This data corroborates our view that the demand for condos is well supported by our economy and our population,” said Brian Hurley, Chairman and CEO of Genworth Canada.

“For those seeking to own a home affordably in urban centres, condos remain a good option” says Hurley.

Both new and resale markets for apartment condominiums are slow in Vancouver. Genworth forecasts resale prices for condominiums in Vancouver to average $348,152 next year, a drop of 2%.

This decline in prices will partially alleviate Vancouver’s very poor affordability. Principle and interest payments on the median condominium unit are forecast to consume 20.3% of average household incomes in 2012 and 19% in 2013, down from 22.1% in 2011.

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