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Condos are rising

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In recent years, more Canadians are choosing to live in condominiums, townhouses or other multi-family dwellings. Rising gasoline prices, which are pushing up the cost of suburban commuting, are one possible factor. In larger centres, first-time homebuyers are often choosing small condos and townhouses near their jobs or downtown.

The boom in downtown condominium development is changing the urban landscape. As more people choose to live close to work in high-density city neighbourhoods, services like restaurants, shops and entertainment venues begin to locate in the area, helping to create 24-hour (rather than nine-to-five) neighbourhoods.

In 2006, 74% of homeowners owned detached single-family houses, down from 80% in 1996. Over the 10 years, this trend was most evident in British Columbia (where the proportion of homeowners in single-family houses declined from 74% to 63%) Ontario (from 80% to 74%), and Alberta (from 84% to 78%). From 2001 to 2006, the trend away from detached single-family dwellings was most noticeable in Vancouver (from 61% to 49%) and Toronto (from 66% to 59%). In other urban centres, the slip in proportions was more modest.

In 2007, the number of multi-family projects approved totalled 121,285 units, up 6.2% from 2006 and the highest since 1977. By contrast, the number of single-family projects approved declined 2.1% to 116,525 units. Meanwhile, the share of multi-family dwellings went from 48.9% in 2006 to 51.0% in 2007, the highest since 1982.

As another indication of the condo trend, the value of multi-family building permits rose 16.1% to $16.7 billion in 2007, while the value of single-family permits gained 8.2% to $28.9 billion.