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Condominiums: A Chapter from the Canadian Housing Observer 2013
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Condominiums
A Chapter from the Canadian Housing Observer
CANADIAN
HOUSING OBSERVER
2013

Page 2
© 2013 Canada Mortgage and Housing Corporation
All rights reserved. No portion of this publication may be reproduced, stored in a retrieval system or transmitted
in any form or by any means, mechanical, electronic, photocopying, recording or otherwise without the prior
written permission of Canada Mortgage and Housing Corporation. Without limiting the generality of the
foregoing, no portion of this book may be translated from English into any other language without the prior
written permission of Canada Mortgage and Housing Corporation.
Printed in Canada
Produced by CMHC
Cover Photo: Lawren S. Harris, Toronto Houses, c. 1919, Oil on beaverboard, 27 x 32.5 cm, National Gallery of Canada,
Ottawa, Gift of Mrs. S.J. Williams, Mrs. Harvey Sims, Mrs. T.M. Cram, and Miss Geneva Jackson, Kitchener, Ontario,
1943, Photo © NGC

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Canada Mortgage and Housing Corporation
2-1
The term “condominium” (“strata” in
British Columbia) describes a type of tenure
that combines elements of both private and
shared ownership.
Condominiums are not limited to any single type
of structure: condominiums in 2011 comprised
high-rise apartments (31%), low-rise apartments
(36%), row houses (23%), single-detached houses
(4%), and other dwelling types (6%).
From 1981 to 2011, the number of owner-
occupied condominiums in Canada increased
from about 171,000 to 1,154,000, more than
nine times faster than other owner-occupied
homes. There were 461,000 rented
condominiums in 2011, bringing the total
number of occupied condominium units in
Canada to 1,615,000.
Condominiums nearly quadrupled their
share of the homeownership market to
12.6% of owner-occupied dwellings in
2011 from 3.3% in 1981.
Condominiums are particularly popular
with seniors and young adults. In 2011,
19% of condominium owners in Canada
were under the age of 35, and 29% were
65 or older, compared to 11% and 23%,
respectively, of other homeowners.
In 2011, 42% of households in owner-occupied
condominiums were people who lived alone,
and 28% were couples without children.
Condominiums made up 35% of the owner-
occupied housing stock in the Vancouver
Census Metropolitan Area (CMA) in 2011,
the highest market share by far in any CMA.
The Toronto and Vancouver CMAs accounted
for about half (51%) of all condominium
apartment housing starts in Canada in 2012.
Fast Facts
2
Condominiums
Lawren S. Harris, Red House, Winter, c. 1925, Oil on canvas, 90.3 x 115 cm, National Gallery
of Canada, Ottawa, Gift of the artist, Vancouver, 1960, Photo © NGC

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Canada Mortgage and Housing Corporation
Canadian Housing Observer 2013
2-2
Condominiums can be of any structure type
Although the term “condominium” (or “condo”) is
commonly used to describe condominium apartments,
property owned under condominium tenure can be
of any structure type (see Figure 2-1). Condominium tenure
is defined by the mix of private and shared ownership
described above, not by any particular physical arrangement
of living space. In 2011, 31% of condominiums in Canada
were high-rise apartments,3 36% were low-rise apartments,
and 23% were row houses (see Figure 2-2 and text box
Note on Census and National Household Survey (NHS)).
Single-detached houses accounted for 4% of condominiums
and other dwelling types for the remaining 6%.
Condominiums are a unique
tenure form
The term “condominium” (“strata corporation”
in British Columbia) refers to a legal form of
ownership that combines private and shared ownership.
Purchasers of condominiums own a private dwelling
(called a unit) registered in their names and share
ownership of common property elements, such as
recreational facilities, walkways, gardens, lobbies,
hallways, and elevators. These vary depending on
the structure type and facilities included.
The cost of operating, maintaining, and replacing
common elements is shared among unit owners.
Common property elements must be listed in a
condominium’s governing documents. Owners pay
monthly condominium fees that cover upkeep and
replacement of these elements. Expenses that are
covered by condominium fees vary from one
condominium to another (see text box What Do
Condo Fees Cover?). Often, a portion of condominium
fees goes into a condominium’s reserve fund, which
finances major repairs and renewal of common
elements over the life of the building.1
Unit boundaries are defined in a condominium’s
governing documents. Boundaries outline where private
units end and common (shared) elements begin. Some
condominium units, known as freehold condominiums,2
include ownership of the land the home is on. In this
instance, the unit may be the whole house, including
exterior walls, roof, and lawn. The unit owner would
normally be responsible for care and upkeep of all
these elements, while condominium fees would cover
maintenance of common property, such as recreational
facilities or visitor parking.
1
Reserve funds are not mandatory in all jurisdictions.
2
The term “freehold condominium” has different meanings in different provinces. In most jurisdictions, the term refers to a condominium where
the unit holder owns the house as well as the plot of land on which the unit sits. However, in Ontario, the term refers to all condominiums
where the land is owned by either the unit holder or the condominium corporation. This is to distinguish freehold condominiums from
leasehold condominiums, where the developer leases the land and the condominium corporation is essentially a tenant.
3
Low-rise apartments are in buildings with fewer than five storeys. High-rise apartments are in buildings with five or more storeys. Other dwellings
comprise duplexes, single-attached houses (a single dwelling attached to another building), semi-detached houses, and movable dwellings.
Monthly condominium fees may cover the following:
Removal of snow, garbage and recyclables;
Landscaping, gardening, and grass-cutting;
Cleaning (e.g., outside windows and carpets in
common areas);
Heating and cooling systems maintenance;
Maintenance and operation of recreational
facilities (such as a swimming pool, exercise
equipment, or party room);
Utilities;
Cable and internet;
Insurance for the condominium’s common areas;
Security systems maintenance and monitoring;
Property management; and
Reserve fund contributions.
What do condo fees cover?

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Condominiums
Canada Mortgage and Housing Corporation
2-3
The distribution of structure types varied considerably
across the country (see Figure 2-3). In Quebec,
low-rise apartments accounted for more than 60%
of condominiums in every Census Metropolitan Area4
(CMA). In contrast, high-rise apartments made up more
than two-thirds of condominiums in Toronto, the only
CMA in which high-rises accounted for the majority of
condominiums. Half of all high-rise condominiums in
Canada were in Toronto. Row houses accounted for more
than half the condominium stock in a number of Ontario
CMAs. Single-detached condominiums were found in
every CMA.
4
Statistics Canada defines a Census Metropolitan Area (CMA) as an urban area with a total population of at least 100,000 and an urban core
population of at least 50,000.
FIGURE 2 1
Property owned under condominium tenure
can be of any structure type
High-rise and stacked townhouse condominium units in Durham Region,
Ontario.
Credit: William Baynes
FIGURE 2 2
Condominiums by structure type (%),
Canada, 2011
Includes both owner-occupied and rented condominiums.
Low-rise apartments are in buildings with fewer than five storeys. High-rise
apartments are in buildings with five or more storeys. Other dwellings
comprise duplexes, single-attached houses (a single dwelling attached to
another building), semi-detached houses, and movable dwellings.
Source: CMHC, adapted from Statistics Canada (National Household Survey)
Row house
Single-detached house
Other dwelling
Low-rise apartment
High-rise apartment
23
6 4
36
31
On September 11, 2013, Statistics Canada
published income, earnings, housing and shelter
cost data, including data on condominiums,
from its voluntary 2011 National Household
Survey (NHS), which in 2011 replaced the
former mandatory “long form” census.
Because the 2006 and earlier Censuses did not
identify rented condominiums, comparisons
of 2011 NHS condominium counts to census
data must exclude rented condominiums.
Statistics Canada has cautioned that because of
the methodological change from a mandatory to
voluntary survey, data from the 2011 NHS may not
be strictly comparable to those from earlier censuses.
Note on Census and National
Household Survey (NHS)

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Canada Mortgage and Housing Corporation
Canadian Housing Observer 2013
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Provincial and territorial legislation
governs condominiums
Condominiums are governed by provincial and
territorial legislation (see text box Legislation and regulations
governing condominium corporations). In all jurisdictions,
condominiums share the quality of being corporations
whose units are privately owned and whose common
elements are owned by all of the condominium members,
but they differ in other respects. Details of legislation and
regulations differ from one jurisdiction to another, for
example, with regard to reserve funds, which are not
mandatory in some places.5
Condominium corporations may establish
their own bylaws and rules
Condominium owners, as members of the condominium
corporation, have the right to vote at general meetings
and to elect the board of directors, which manages the
corporation’s business affairs.6
The board of directors meets regularly and has the right
to make decisions affecting the corporation, but some
decisions must be made by unit owners. Decisions
requiring the approval of unit owners are made at
annual general or special meetings and are binding.
Bylaws govern how the corporation is run, for example,
addressing matters such as the election and duties of
the board of directors and collection of condo fees.
In addition, condominiums have rules that focus on
day-to-day concerns, for example, pets, noise, parking,
and use of amenities, such as swimming pools or
exercise rooms.7
Condominium corporations often hire a property
management company, which, under the leadership
of the board of directors, handles day-to-day operations.
Responsibilities could include collection of monthly fees;
cleaning and maintenance of common areas; payment of
5
For more detail on condominium ownership, see CMHC’s Condominium Buyer’s Guide www.cmhc.ca/od/?pid=63100 (July 25, 2013).
6
Some condominiums assign one vote per unit. Others weight the vote based on a “unit factor”. A unit factor is a percentage that represents
how much of the condominium’s common elements a given unit owns. Unit factors are assigned by the developer when the condominium
is registered, usually based on the size and location of individual units, and are used to calculate monthly condominium fees.
7
Condominium legislation in Quebec, Saskatchewan, and Alberta does not differentiate between bylaws and rules. For more information,
see CMHC’s Condominium Buyer’s Guide.
FIGURE 2 3
Condominiums by structure type, CMAs, 2011
Distribution of condominiums by structure type (%)
Includes both owner-occupied and rented condominiums.
Quebec and Ontario portions of Ottawa-Gatineau are shown separately.
Low-rise apartments are in buildings with fewer than five storeys. High-rise
apartments are in buildings with five or more storeys. Other dwellings
comprise duplexes, single-attached houses (a single dwelling attached to
another building), semi-detached houses, and movable dwellings.
Source: CMHC, adapted from Statistics Canada (National Household Survey)
0 10 20 30 40 50 60 70 80 90100
St. John’s
Halifax
Moncton
Saint John
Saguenay
Québec
Sherbrooke
Trois-Rivières
Montréal
Gatineau
Ottawa
Kingston
Peterborough
Oshawa
Toronto
Hamilton
St. Catharines-Niagara
Kitchener-Cambridge-Waterloo
Brantford
Guelph
London
Windsor
Barrie
Greater Sudbury/Grand Sudbury
Thunder Bay
Winnipeg
Regina
Saskatoon
Calgary
Edmonton
Kelowna
Abbotsford-Mission
Vancouver
Victoria
High-rise apartments
Low-rise apartments
Single-detached houses
Row houses
Other dwellings

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Condominiums
Canada Mortgage and Housing Corporation
2-5
fees are neither optional nor negotiable, and special
assessment charges may be levied if unexpected
expenses cannot be paid out of a reserve fund.
Condominium markets expanded
rapidly from 1981 to 2011
Condominiums are an increasingly popular housing
choice in Canada, and have accounted for a large share
of the growth of homeownership over the last three
decades. From 1981 to 2011, the number of owner-
occupied condominiums in Canada increased from
about 171,000 to 1,154,000, more than nine
times faster than other owner-occupied homes
(see Figure 2-4). Condominiums nearly quadrupled
their share of the homeownership market, representing
12.6% of owner-occupied dwellings in 2011, compared
common area utility bills; operation and maintenance of
heating, cooling, and other systems; and removal of snow
and garbage. Some “self-managed” condominiums do not
have a property manager. In these instances, the board of
directors assumes responsibility for day-to-day management.
Condominiums have advantages
and disadvantages
A condominium offers the convenience of having
maintenance and repairs to the common property
elements handled for a regular monthly cost, but,
in opting for this convenience, a buyer gives up
a good measure of control over what gets maintained,
repaired, replaced, or upgraded, and over the timing
and amounts of these expenses (see text box Pros and
cons of condominium ownership). Condominium
Legislation and regulations governing condominium corporations
Province/Territory
Act
Regulation
British Columbia
Strata Property Act, S.B.C. 1998, c. 43
Strata Property Regulation, B.C. Reg. 43/2000
Bare Land Strata Regulations, B.C. Reg. 75/78
Bare Land Strata Plan Cancellation Regulation,
B.C. Reg. 556/82
Alberta
Condominium Property Act, R.S.A. 2000, c. C-22
Condominium Property Regulation, Alta. Reg. 168/2000
Saskatchewan
Condominium Property Act, 1993
Condominium Property Regulations, 2001
Manitoba
Condominium Act, C.C.S.M. c. C170
Condominium Arbitrations Regulation
Condominium Forms Regulation
Condominium Reserve Funds Regulation
Ontario
Condominium Act, 1998, S.O. 1998, c. 19
Description and Registration, O. Reg. 49/01
General, O, Reg. 48/01
Quebec
Civil Code of Québec, S.Q., 1991, c. 64.
New Brunswick
Condominium Property Act, 2009, C-16.05
Regulation 2009-169
Nova Scotia
Condominium Act. R.S., c. 85, s. 1
Condominium Regulations
Prince Edward Island
Condominium Act, R.S.P.E.I. 1988, c. C-16
General Regulations, P.E.I. Reg. EC10/78
Newfoundland and Labrador
Condominium Act, 2009 SNL2009 c. C-29.1
Condominium Regulations, 2011
Yukon
Condominium Act, R.S.Y. 2002, c. 36
Regulations (Forms)
Northwest Territories
Condominium Act, R.S.N.W.T. 1988, c. C-15
Condominium Regulations R-098-2008
Nunavut
Consolidation of Condominium Act, R.S.N.W.T.
1988, c. C-15

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Canada Mortgage and Housing Corporation
Canadian Housing Observer 2013
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Pros and cons of condominium ownership
Pros
Cons
Fewer maintenance and repair responsibilities.
Owners may not be able to decide when maintenance and repairs
get done.
Access to on-site amenities, such as gyms, saunas, or swimming pools,
and to social, entertainment and recreational activities.
Owners pay for amenities that they may never or rarely use.
Presence in some buildings of security features, such as entry buzzers
and video surveillance cameras, as well as concierges and/or security
guards to help protect residents. Proximity of neighbours when
owners are absent.
Potential for less privacy and more noise, especially for those moving
from single-detached homes to apartment condominiums.
Monthly maintenance or condo fees that are usually predictable.
Possibility of special assessment charges for unexpected costly repairs.
Owners have a say in making bylaws and rules and in the running
of the condominium corporation. Owners have voting rights and
can be elected to the board of directors.
Condominiums attract individuals with a variety of personalities;
reaching a consensus can be a challenge. Possible restrictions on
things like noise levels, parking, pets, smoking and even the style
and colour of things like doors and window coverings.
Occupied dwellings by tenure,
Canada, 1981-2011
All occupied dwellings
Owner-occupied
condominiums
Other owner-occupied
dwellings
Rented dwellings
Number
1981
8,281,535
171,090
4,970,845
3,139,595
1986
8,991,670
234,520
5,346,355
3,368,485
1991
10,018,265
367,765
5,905,265
3,718,525
1996
10,820,050
514,720
6,363,060
3,905,145
2001
11,562,975
670,530
6,939,860
3,907,170
2006
12,437,470
915,725
7,594,055
3,878,500
2011
13,319,250
1,153,585
8,032,260
4,078,225
Growth (%)
1981-86
8.6
37.1
7.6
7.3
1986-91
11.4
56.8
10.5
10.4
1991-96
8.0
40.0
7.8
5.0
1996-01
6.9
30.3
9.1
0.1
2001-06
7.6
36.6
9.4
-0.7
2006-11
7.1
26.0
5.8
5.1
1981-11
60.8
574.3
61.6
29.9
Data from the 2011 National Household Survey may not be comparable to those from earlier censuses.
Source: CMHC, adapted from Statistics Canada (Census of Canada, National Household Survey)
FIGURE 2-4

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Condominiums
Canada Mortgage and Housing Corporation
2-7
to just 3.3% in 1981. In 2012, units intended for the
condominium market accounted for 40% of housing
starts in urban areas of Canada, compared to annual
shares of 25% or less in all but one year of the 1990s
(see Figure 2-5 and text box CMHC surveys that collect
data on condominiums).
From 1996 to 2011, the number of owner-occupied
condominiums grew by over 600,000 units nationally
—28% of the total growth in owner-occupied dwellings.
In many CMAs, including Vancouver (58%), Montréal
(40%) and Saskatoon (40%), growth in the condominium
stock represented upwards of 30% of the total increase
in owner-occupied dwellings (see Figure 2-6).
The total stock of occupied condominiums
exceeded 1.6 million units in 2011
The condominium stock comprises owner-occupied
units and rented units. Many condominiums are
purchased by investors who rent them out. In 2011,
there were 461,000 such rentals in Canada, 29% of
all occupied condominiums, somewhat lower than
FIGURE 2 5
Condominium share of total housing starts,
Urban Canada,1 1990-2012
1 Figure displays data for centres with populations of 10,000 or more.
Source: CMHC (Starts and Completions Survey)
Units intended for the condominium market
as a % of total housing starts
0
5
10
15
20
25
30
35
40
45
2012
2011
2010
2009
2008
2007
2006
2005
2004
2003
2002
2001
2000
1999
1998
1997
1996
1995
1994
1993
1992
1991
1990
CMHC surveys that collect data on condominiums
CMHC Survey
Survey Coverage
Reports
Starts and Completions Survey
Survey inception:
Data for condominiums
were first published in 1984
Key content:
Condominium units started, completed
and under construction each month
Current coverage (as of most recent survey):
Monthly in CMAs, and those Census Agglomerations1
(CAs) with a population of at least 50,000
Quarterly in remaining CAs, and selected other centres
with a total population of at least 10,000
Housing Market Outlook
Housing Now
Canadian Housing Statistics
Monthly Housing Statistics
Housing Information Monthly
Market Absorption Survey
Survey inception:
Data for condominiums
were first published in 1984
Key content:
Condominium units absorbed2 and unabsorbed
each month
Current coverage (as of most recent survey):
Monthly in CMAs, and those CAs with a population
of at least 50,000
Housing Market Outlook
Housing Now
Canadian Housing Statistics
Monthly Housing Statistics
Housing Information Monthly
1 A Census Agglomeration (CA) is an urban area that is not a CMA and has an urban core population of at least 10,000.
2 The unit is said to be absorbed once the structure has been completed and the unit has been sold or rented.

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Canada Mortgage and Housing Corporation
Canadian Housing Observer 2013
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the percentage of condominiums that are rented in
the United States (see text box Condominiums in
the United States).The total number of occupied
condominiums in Canada – owned plus rented –
stood at 1,615,000 (see Figure 2-7). Nearly one out
of eight Canadian homes (12%) was a condominium.
CMHC surveys that collect data on condominiums (continued)
CMHC Survey
Survey Coverage
Reports
Condominium Apartment Vacancy Survey
(a component of CMHC’s Secondary
Rental Market Survey)
Survey inception:
Data were first published in 2006
Key content:
Estimated number of condominium apartments being rented
Estimated vacancy rate of rented condominium apartments
Current coverage (as of most recent survey):
Annually, in the early autumn, in Québec, Montréal, Ottawa,
Toronto, Winnipeg, Regina, Saskatoon, Calgary, Edmonton,
Vancouver, and Victoria
Rental Market Report
Condominium Apartment Rent Survey
(a component of CMHC’s Secondary
Rental Market Survey)
Survey inception:
Data were first published in 2006
Key content:
Average rent for condominium apartments
Current coverage (as of most recent survey):
Annually, in the early autumn, in Québec, Montréal, Ottawa,
Toronto, Winnipeg, Calgary, Edmonton, Vancouver and Victoria
Rental Market Report
FIGURE 2 6
Condominium share of growth in homeownership,
Canada and CMAs, 1996-2011
Change in owner-occupied condominiums
as a % of change in owner households
Data from the 2011 National Household Survey may not be comparable to
those from earlier censuses.
Quebec and Ontario portions of Ottawa-Gatineau are shown separately.
Source: CMHC, adapted from Statistics Canada (Census of Canada,
National Household Survey)
0 5 10 15 20 25 30 35 40 45 50 55 60
Greater Sudbury/Grand Sudbury
Saint John
Barrie
Peterborough
Moncton
St. John’s
Oshawa
Kingston
Sherbrooke
Saguenay
Trois-Rivières
Brantford
Halifax
Thunder Bay
Gatineau
Windsor
Kitchener-Cambridge-Waterloo
Ottawa
St. Catharines-Niagara
Guelph
London
Kelowna
Winnipeg
Québec
Edmonton
Calgary
Abbotsford-Mission
Toronto
Regina
Hamilton
Victoria
Saskatoon
Montréal
Vancouver
All CMAs
Canada
FIGURE 2 7
Occupied condominiums by tenure,
Canada, 2011
1 Includes 700 units of band housing.
Source: CMHC, adapted from Statistics Canada (National Household Survey)
Thousands of units
0
200
400
600
1,000
800
1,600
1,400
1,200
1,800
Rented
condominiums
Owner-occupied
condominiums
All occupied
condominiums1
1,615
1,154
461

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Condominiums
Canada Mortgage and Housing Corporation
2-9
All age groups contributed to the growth
in condominiums
The strong recent growth in condominiums in
Canada is a testament to the growing appeal of this
tenure form. Canadians of all ages are more likely
today than in the past to live in condominiums.
Condominium ownership rates rose in every age
group between 1996 and 2001, between 2001
and 2006, and again between 2006 and 2011
(see Figure 2-8). Had these rates remained at their
1996 levels instead of rising, the growth in owner-
occupied condominiums from 1996 to 2011 would
have been less than a quarter of what actually took
place. In other words, the increased popularity of
condominiums with all age groups accounted for
more than three-quarters of condominium growth,
the growth and aging of the population for less
than one-quarter.
FIGURE 2 8
Condominium ownership rates by age of primary household maintainer,1 Canada, 1996, 2001, 2006, 2011
1 A household maintainer is the person or one of the people in the household responsible for major household payments such as the rent or mortgage. Where more
than one person in a household claims responsibility for such payments, the primary maintainer is the first person listed on the census form as a maintainer.
Data from the 2011 National Household Survey may not be comparable to those from earlier censuses.
Source: CMHC, adapted from Statistics Canada (Census of Canada, National Household Survey)
Age of primary household maintainer
Condominium owners as a % of all households
0
5
10
15
75+
70-74
65-69
60-64
55-59
50-54
45-49
40-44
35-39
30-34
25-29
15-24
2001
1996
2006
2011
In 2011, there were 9.4 million condominium
units in the United States, of which 8.7 million
were classed as year-round residences.1 The
4.4 million owner-occupied condominiums
represented 5.8% of owner-occupied housing
in the United States, a lower percentage than in
Canada (12.6% in 2011). Condominium rentals in
the United States (occupied units plus vacant units
for rent) accounted for 37.0% of condominiums
(excluding seasonal units).2
Condominiums in the United States
1 See American Housing Survey tables available for download
at www.census.gov/housing/ahs/data/national.html
(March 12, 2013).
2 United States and Canadian data are not strictly compatible.
Reference dates differ, and there may be other survey details
that affect comparability.

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Canada Mortgage and Housing Corporation
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work and centrally located attractions and services—
that appeal to a range of buyers, especially the young
and the old. Seniors and young adults account for
a disproportionate share of condominium owners.
In 2011, 19% of condominium owners in Canada
were under the age of 35, and 29% were seniors
65 or older, compared to 11% and 23%, respectively,
of other homeowners (see Figure 2-10).
People aged 55 or older are much more likely than
younger individuals to cite the desire for a smaller
dwelling as a reason for moving.8 They are also more
interested in living close to facilities and services.
Not surprisingly, given the increased rate of condominium
ownership at all ages, the number of condominium
owners rose in every age group from 1996 to 2011.
All ages contributed to the growth in condominiums
(see Figure 2-9), with no single group dominating.
Senior households (households with maintainers
65 or older) accounted for 29% of the total growth.
Condominiums are popular with seniors
and young adults
Condominiums can offer features—ease of maintenance,
security, on-site amenities, and the potential for living
close to public transit or within walking distance of
8
For more detailed discussion of reasons for moving, see Canada Mortgage and Housing Corporation, 2001 Census Housing Series: Issue 10 Aging,
Residential Mobility and Housing Choices, Research Highlight, Socio-economic Series 06-001 (Ottawa, CMHC, 2006); and Canada Mortgage
and Housing Corporation, 2006 Census Housing Series: Issue 16 A Profile of Condominiums in Canada, 1981-2006, Research Highlight,
Socio-economic Series 12-001 (Ottawa, CMHC, 2012).
FIGURE 2 9
Share of total growth in owner-occupied
condominiums by age of primary
household maintainer (%),1 Canada, 1996-2011
1 A household maintainer is the person or one of the people in the
household responsible for major household payments such as the
rent or mortgage. Where more than one person in a household claims
responsibility for such payments, the primary maintainer is the first
person listed on the census form as a maintainer.
Data from the 2011 National Household Survey may not be comparable to
those from earlier censuses.
Source: CMHC, adapted from Statistics Canada (Census of Canada,
National Household Survey)
17
3
13
18
20
17
12
25-34
15-24
45-54
35-44
65-74
55-64
75+
FIGURE 2 10
Distributions of condominium owners
and other homeowners by age of
primary household maintainer (%),1
Canada, 2011
Inner ring:
Condominium
owners
Outer ring:
Other
homeowners
1 A household maintainer is the person or one of the people in the
household responsible for major household payments such as the
rent or mortgage. Where more than one person in a household
claims responsibility for such payments, the primary maintainer
is the first person listed on the census form as a maintainer.
Source: CMHC, adapted from Statistics Canada (National Household Survey)
1
2
10
18
26
22
23
17
16
18
18
29
15-24
45-54
25-34
55-64
35-44
65+

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Condominiums
Canada Mortgage and Housing Corporation
2-11
Low-maintenance apartments appeal
to senior households
In 2011, 68% of senior households who owned and
occupied condominiums lived in apartments, perhaps
the easiest type of housing for occupants to maintain.
Living space is usually confined to a single floor, and
owners are typically not physically responsible for
upkeep of any grounds. For people who have problems
with eyesight, frailty, or balance, buildings with elevators
have the added attraction of reducing the risk of falls
on stairs.10
In addition, health concerns, increasingly common as
people age, are the most common reason for moving at
ages 75 or older. Condominiums can be a logical choice
for aging homeowners looking to downsize or to reduce
maintenance responsibilities.
People living alone and couples
without children make up the
majority of households living
in condominiums
The overrepresentation of young adults and seniors
in the ranks of condominium owners is echoed in
relatively small household sizes—an average in 2011
of 1.9 persons for households in condominiums,
compared to 2.8 for other owner-occupied dwellings.
Couples with children made up only 16% of owner-
occupants of condominiums but 39% of other owner
households (see Figure 2-11). By contrast, 42% of
households in owner-occupied condominiums were
people who lived alone, compared to only 17% of
households in other owner-occupied homes.
Together, one-person households and couples without
children—people less likely than families with children
to need or want the large floor areas and backyards often
associated with traditional suburban homes—made up
71% of condominium owners in 2011. Of the couples
without children who owned and lived in condominiums,
62% were households with maintainers aged 55 or older.
Nearly two-thirds (65%) of condominium owners who
lived alone were women, who chose condominiums for a
variety of reasons (see text box Women and condominiums).
From 1996 to 2011, one-person households and couples
without children accounted for almost three-quarters
(73%) of the growth in owner-occupied condominiums.
During these years, as well as in previous decades,
people living alone and couples without children were
among the fastest-growing household types in Canada,
their growth boosted by the aging of Canada’s population.9
FIGURE 2 11
Distributions of condominium owners
and other homeowners by
household type (%), Canada, 2011
Inner ring:
Condominium
owners
Outer ring:
Other
homeowners
Other households comprise multi-family households and non-family
households of two or more persons. Family households include at
least one census family (a couple with or without children or a lone
parent) and may include additional members who are not part
of the census family.
Source: CMHC, adapted from Statistics Canada (National Household Survey)
32
28
5
5
16
39
9
8
42
17
Couples without children
One-person households
Couples with children
Other households
Lone-parent households
9
See Chapter 5 (“Demographic and Socio-economic Influences on Housing Demand”) for more about changes in household composition in Canada.
10 Problems with vision, frailty, and balance can make climbing stairs a difficult and potentially dangerous activity for aging seniors. See “Preventing
Falls on Stairs” in the About Your House series of fact sheets available on the CMHC website at www.cmhc-schl.gc.ca/en/co/maho/adse/adse_001.cfm
(July 25, 2013).

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Canada Mortgage and Housing Corporation
Canadian Housing Observer 2013
2-12
Median prices are lower for condominiums
than for other homes, a reflection of
smaller unit sizes
Given the strong growth in condominiums over the
past quarter century and their popularity with young
buyers, it would be surprising if affordability was not
part of their appeal. For first-time buyers with limited
savings, affordability is apt to be a deciding factor in
housing choices.
Of all condominium owner-occupants, senior households,
particularly those with maintainers aged 75 or older, are
the age segment most likely to live in high-rise apartments,
units in buildings of five floors or more that would
typically have elevators (see Figure 2-12).11 In 2011,
high-rise units made up 40% of the condominiums
in Canada owned and occupied by those 75 or older.
Together, high-rise and low-rise apartments accounted
for nearly three-quarters (72%) of the condominiums
owned and occupied by this group.12
11 In 2011, the structure-type choices of senior households who owned and occupied condominiums varied by CMA. High-rise apartments
were the most common choice of seniors in Halifax, Winnipeg and a number of centres in Ontario, including Toronto and Ottawa. Low-rise
apartments were the most popular choice in St. John’s, Thunder Bay, and CMAs in the provinces of Quebec, Saskatchewan, Alberta, and
British Columbia. Row houses were most popular in CMAs in New Brunswick and in a number of centres in Ontario, including Hamilton.
12 Row house condominiums, though still in the minority, were relatively more popular with maintainers aged 35 to 64 than with seniors or
maintainers under the age of 35. These ground-oriented condominiums can combine substantial floor area with access to outdoor space,
features that would appeal to families with children.
In 2011, women made up 65% of condominium owner-occupants in Canada who lived alone, including 76%
of those aged 55 or older. Women accounted for 84% of lone-parent condominium owners.
According to Canadian media, quoting industry participants and women buyers, condominiums
appeal to women for a number of reasons1:
Low maintenance demands (compared to other homeownership options) —being able to “lock and leave”;
Financial security—owning a home and not having to pay rent;
Locations in established neighbourhoods within walking distance of amenities;
Safety—cameras in lobbies, elevators, and parking garages; concierge services; good lighting in and around
buildings; easy-to-use fob-style access keys;
Unit features—storage space, including walk-in closets; extra lighting in bathrooms;
and generously sized bathtubs;
Amenities like gyms on upper floors away from lobby traffic and with windows providing views—sometimes
with programs that cater to women; and
Design options (e.g., finishes and other details) that allow for customization.
Women and condominiums
1 This list is compiled from Dave McGinn, “What women want – in a condo,” The Globe and Mail, January 17, 2013, p. L3; Marty Hope,
“Women opting for secure condo lifestyle,” Calgary Herald, undated www.calgaryherald.com/homesWomen+opting+secure+condo+lifestyle/
2774215/story.html (March 26, 2013); Tracy Hanes “Jade condo targets what women want,” The Toronto Star, October 22, 2010.
www.thestar.com/life/homes/2010/10/22/jade_condo_targets_what_women_want.html (March 26, 2013).

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Condominiums
Canada Mortgage and Housing Corporation
2-13
In expensive central locations, reducing the size of
condominiums is one way for developers to keep prices
down. In 2011, condominiums in Canada had an average
of 5.0 rooms compared to 7.5 for other owner-occupied
dwellings.14 Condominium apartments may be quite
small.15 Such compact units provide a relatively affordable
In 2011, condominium owners in Canada estimated that
their homes would sell for a median price of $260,000,
compared to $289,000 for other owner-occupied
dwellings.13 In every CMA, the estimated selling price of
condominiums was less than that of other owner-occupied
units, with the difference in median prices exceeding
$300,000 in Vancouver, $200,000 in Victoria and
Abbotsford-Mission, and $100,000 in Ottawa (excluding
Gatineau), Oshawa, Toronto, Barrie, Calgary, Edmonton,
and Kelowna (see Figure 2-13).
13 The National Household Survey does not collect actual selling prices. Instead, homeowners in 2011 (other than farm operators) were asked
“If you were to sell this dwelling now, for how much would you expect to sell it?”
14 The National Household Survey does not collect square footage estimates.
15 In Vancouver, according to one source, “most inner-city condos today are under 600 ft2 [55.7m2].” Emma Teitel, “It’s a small world after all,”
Maclean’s, January 16, 2012, p. 28.
FIGURE 2 12
Structure type choices of condominium owners
by age group, Canada, 2011
Low-rise apartments are in buildings with fewer than five storeys. High-rise
apartments are in buildings with five or more storeys. Other dwellings
comprise duplexes, single-attached houses (a single dwelling attached
to another building), semi-detached houses, and movable dwellings.
Source: CMHC, adapted from Statistics Canada (National Household Survey)
Age of primary household maintainer
0
10
20
30
40
50
60
70
80
90
100
75+
65-74
55-64
45-54
35-44
25-34
15-24
High-rise apartments
Row houses
Low-rise apartments
Single-detached houses
Other dwellings
Per cent
FIGURE 2 13
Median estimated dwelling values1 for
condominiums and other owner-occupied
dwellings, selected CMAs, 2011
Thousands of dollars
1 Values estimated by homeowners if their dwellings were to be sold.
Excludes farm households.
Quebec and Ontario portions of Ottawa-Gatineau are shown separately.
Source: Statistics Canada (National Household Survey)
0
100
200
300
400
500
600
700
Québec
Halifax
Montréal
Gatineau
Ottawa
Oshawa
Toronto
Hamilton
Barrie
Winnipeg
Regina
Saskatoon
Calgary
Edmonton
Kelowna
Abbotsford
-Mission
Vancouver
Victoria
Condominium
Non-condominium

Page 16
Canada Mortgage and Housing Corporation
Canadian Housing Observer 2013
2-14
form of homeownership, but one with limited appeal
to prospective buyers with families or those planning
to start families.
Condominium buyers reported
significantly lower monthly shelter
costs than other home buyers in 2011
Consistent with the comparatively low prices of
condominiums, condominium buyers generally paid
lower monthly shelter costs in 2011 than other home
buyers.16 In a number of CMAs, households financing
the purchase of recently constructed condominiums
had median monthly shelter costs that were more
than $500 lower than the costs faced by borrowers
financing the purchase of other recently built homes
(see Figure 2-14).17 Differences were generally larger
in the West, especially in CMAs in British Columbia.
Market shares for condominiums are
highest in British Columbia
Condominiums are found principally in large
urban areas, where land costs tend to be high and
multiple-unit buildings relatively common. Home
to 68% of all households in Canada, CMAs accounted
for 90% of owner-occupied condominiums in 2011.
Condominiums were underrepresented elsewhere:
7% in medium-sized centres (CAs) and 3% in small
towns and rural areas, home respectively to 14%
and 18% of households in Canada.18
In Vancouver, condominiums made up 35% of the
owner-occupied housing stock in 2011, the highest market
share by far in any CMA (see Figure 2-15). Market shares
also exceeded the CMA average in Abbotsford-Mission,
Victoria, Toronto, Kelowna, Calgary, and Edmonton.
16 For homeowners, shelter costs comprise mortgage payments (principal and interest), property taxes, and any condominium fees, along with
payments for electricity, fuel, water and other municipal services. Since condominium fees are included, the shelter costs of condominium owners
reflect at least a portion of what they spend on maintenance and repairs. Figures likely understate cost differences between condominium owners
and other homeowners since repair and maintenance spending are not included in the shelter costs of other homeowners.
17 Data from the National Household Survey do not provide details on down payments, loan amounts, mortgage rates, amortization periods,
or purchase prices, all of which influence monthly shelter costs. Focusing on recent construction ensures that purchase prices are roughly
contemporaneous. Construction dates in census data are ranges estimated by respondents. Here, recent construction refers to units built
from 2006 to May 10, 2011 (Census Day).
18 Small towns and rural areas comprise places that are not CMAs or CAs.
FIGURE 2 14
Median shelter costs1 for condominium owners
with mortgages and other owners2 with mortgages,
recently constructed units,3 selected CMAs, 2011
Median monthly shelter costs ($)
1 Shelter costs include mortgage payments (principal and interest),
property taxes, and condominium fees, along with payments for
electricity, fuel, water and other municipal services.
2 Excludes farm households.
3 Recent construction refers to units built from January 1, 2006
to May 10, 2011 (Census Day).
Quebec and Ontario portions of Ottawa-Gatineau are shown separately.
Source: Statistics Canada (National Household Survey)
Halifax
Québec
Montréal
Gatineau
Ottawa
Oshawa
Toronto
Hamilton
Barrie
Winnipeg
Regina
Saskatoon
Calgary
Edmonton
Kelowna
Abbotsford
-Mission
Vancouver
Victoria
Condominium
Non-Condominium
0
500
1,000
1,500
2,000
2,500

Page 17
Condominiums
Canada Mortgage and Housing Corporation
2-15
average) in some mid-sized centres (CAs), including a
number of retirement destinations or resort locations.
Most of these communities are in British Columbia,
a province known for attracting retirees, or Alberta
(see Figure 2-16). The only mid-sized communities
east of Alberta in which condominiums held higher-
than-average shares of the homeownership market
were Collingwood and Cobourg, both in Ontario.
Condominium market growth could
be tempered by lingering attachment
to family homes
Further aging of baby boomers will likely contribute
to continued growth in the numbers of one-person
households and couples without children, the household
types that account for the bulk of condominium
Among CMAs, market shares were lowest in Atlantic
Canada and in small metropolitan areas in Quebec
and Ontario.
Condominiums are popular in mid-sized
centres in resort and retirement areas
Although typically found in metropolitan areas,
condominiums have above-average shares of the
homeownership market (i.e., above the Canadian
FIGURE 2 15
A Census Metropolitan Area (CMA) is an urban area with a total
population of at least 100,000 and an urban core population of at
least 50,000. A Census Agglomeration (CA) is an urban area that
is not a CMA and has an urban core population of at least 10,000.
Quebec and Ontario portions of Ottawa-Gatineau are shown separately.
Source: CMHC, adapted from Statistics Canada (National Household Survey)
Condominium share of homeownership market,
Canada, CMAs, CAs, and other areas, 2011
Owner-occupied condominiums as a % of owner households
0 5 10 15 20
30
25
35 40
Greater Sudbury/Grand Sudbury
Saint John
St. John’s
Thunder Bay
Moncton
Saguenay
Peterborough
Trois-Rivières
St. Catharines-Niagara
Kingston
Barrie
Oshawa
Windsor
Sherbrooke
Brantford
Halifax
Gatineau
Winnipeg
Kitchener-Cambridge-Waterloo
Regina
London
Québec
Guelph
Hamilton
Saskatoon
Ottawa
Montréal
Edmonton
Calgary
Kelowna
Toronto
Victoria
Abbotsford-Mission
Vancouver
Small towns and rural areas
All CAs
All CMAs
Canada
FIGURE 2 16
Figure displays all CAs with higher-than-average condominium shares.
A Census Agglomeration (CA) is an urban area that is not a CMA and
has an urban core population of at least 10,000. A Census Metropolitan
Area (CMA) is an urban area with a total population of at least 100,000
and an urban core population of at least 50,000.
Source: CMHC, adapted from Statistics Canada (National Household Survey)
Condominium shares of homeownership market,
selected CAs, 2011
Owner-occupied condominiums as a % of owner households
0
5
10
15
20
25
30
35
Medicine Hat (AB)
Nanaimo (BC)
Red Deer (AB)
Yellowknife (NT)
Cobourg (ON)
Okotoks (AB)
Kamloops (BC)
Strathmore (AB)
Parksville (BC)
Vernon (BC)
Penticton (BC)
Squamish (BC)
Chilliwack (BC)
Wood Buffalo (AB)
Collingwood (ON)
High River (AB)
Canmore (AB)
All CAs
All CMAs
Canada

Page 18
Canada Mortgage and Housing Corporation
Canadian Housing Observer 2013
2-16
residents.19 The oldest baby boomers—the large
generation born in the two decades following World
War II—are just beginning to turn 65. Earlier generations
achieved their highest rates of condominium ownership
during their senior years. If baby boomers follow the
same pattern, many will buy condominiums as they age.
In many of the larger CMAs, condominiums account for
half or more of the homes bought by senior households
(see Figure 2-17).20
Households today have significantly higher rates of
condominium ownership than earlier generations
when they were of comparable age. Whether
Canadians continue to display an increasing appetite
for condominiums remains to be seen. One factor
that may ultimately restrain the growth of
condominiums is the desire of many aging
households to remain in their current homes.
Despite the increasing availability and popularity
of condominiums, the rates at which different age
groups move appear to have dropped over the past
two decades.21 In 2011, 18% of seniors had moved
in the previous five years, compared to 22% in 1991
(see Figure 2-18). The fact that more than 80% of seniors
do not move in any given five-year period suggests that
many remain strongly attached to their homes. If baby
boomers exhibit similar tendencies, the turnover of the
housing stock as they age will be gradual.
Condominium apartment markets
This section discusses condominium apartment markets
with a focus on Toronto and Vancouver, based in part
on data collected by CMHC (see text box CMHC surveys
that collect data on condominiums, page 2-7).
19 Couples without children include those whose children no longer live with them. See Chapter 5 (“Demographic and Socio-economic Influences
on Housing Demand”) for discussion of projected changes in household composition in Canada.
20 In CMAs collectively, 48% of the homes bought by senior maintainers who moved in the 5 years ending on May 10, 2011 were condominiums.
21 Mobility data from the 2011 National Household Survey (NHS) and earlier Censuses are not strictly comparable. Census data include people
living in non-institutional collective dwellings, such as rooming houses, motels, student residences, and residences for senior citizens, whereas
NHS data include only the population living in private households.
FIGURE 2 17
Distribution of condominium and
non-condominium purchases, senior households,1
Canada and selected CMAs,
May 2006 to May 20112
Distribution of homes bought by senior households (%)
1 Senior households have maintainers aged 65 or older. The household
maintainer is the person or one of the people in the household
responsible for major household payments. Where more than one
person in a household claims responsibility for such payments, the
primary maintainer is the first person listed on the census form as
a maintainer.
2 May 10, 2006 to May 10, 2011 – the 5 years up to and including
Census Day.
Quebec and Ontario portions of Ottawa-Gatineau are shown separately.
Source: CMHC, adapted from Statistics Canada (National Household Survey)
Non-condominium
Condominium
0 10 20 30 40 50 60 70 80 90 100
Halifax
Québec
Montréal
Gatineau
Ottawa
Toronto
Hamilton
Winnipeg
Regina
Saskatoon
Calgary
Edmonton
Kelowna
Abbotsford-Mission
Vancouver
Victoria
All CMAs
Canada

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Condominiums
Canada Mortgage and Housing Corporation
2-17
Owners of condominium apartments tend to own
their units for a shorter period of time than owners
of single-detached houses, contributing to relatively
larger volumes of resales.
Condominium apartments also attract buyers
purchasing units as an investment rather than as
their primary residence, so increases in sales may
reflect increased investor activity. While single-
detached freehold and condominium houses also
attract some investor interest, buyers of them are
typically purchasing their primary residence.
The differences in markets discussed above result in
greater fluctuations in the construction levels, sales,
and prices of condominium apartments relative to
freehold and condominium single-detached houses.
Within the condominium apartment market in Canada,
the Toronto and Vancouver markets warrant specific
attention, given the large size of these markets, and the
Distinguishing features of the condominium
apartment market
The condominium apartment market is significantly
different than the freehold and condominium single-
detached house markets for a variety of reasons:
The process involved in constructing an apartment
building, particularly a high-rise, combined with
the large number of units that a high-rise building
can contain, means that local markets can experience
large waves of new supply, as opposed to the more
gradual additions to the stock typical with single-
detached houses.
The time between pre-sales22 of a new high-rise
building and when units are occupied can be two or
more years, depending on the stage of construction at
which the pre-sale occurred; whereas, for new single-
detached houses built on-site, the time between sale
and occupation is typically less than one year.
FIGURE 2 18
% of population1 moving in previous 5 years
1 Population in private households.
Mobility data from the 2011 National Household Survey (NHS) and earlier censuses are not strictly comparable.
Unlike census data, NHS data do not include residents of non-institutional collective dwellings.
Source: CMHC, adapted from Statistics Canada (Census of Canada, National Household Survey)
Residential mobility by age group, Canada, 1991-2011
0
10
20
30
40
50
60
70
80
90
75+
70-74
65-69
60-64
55-59
50-54
45-49
40-44
35-39
30-34
25-29
20-24
15-19
Age group
2006
2001
1996
1991
2011
22 Pre-sales here refers to real estate properties that are sold either before start or completion of construction. These types of sales are known as off
plan properties in the United Kingdom and Australia.

Page 20
Canada Mortgage and Housing Corporation
Canadian Housing Observer 2013
2-18
Pre-sales signal direction of new condominium
apartment construction
The number of pre-sales is a key indicator for evaluating
the state of the condominium apartment market.
In both Toronto and Vancouver, the number of
pre-sales slowed in 2012 after increasing by 91% and
153%, respectively, from 2009 to 2011 (see Figure 2-20).
Pre-sales affect the pace and volume of future projects as
they enable developers to assess potential demand, so the
lower number of pre-sales in 2012 could suggest fewer
condominium apartment starts in 2013 and 2014.
In Toronto, the number of condominium apartment
starts dropped 51% from 2008 to 2009, responding
to the global economic downturn, and, as pre-sales
increased from 2009 to 2011, starts increased accordingly.
By 2012, condominium apartment starts were 23% above
the 2008 level.
Vancouver experienced a similar pattern, although with
a larger initial decrease in the number of starts followed
by a more moderate rebound. Between 2008 and 2009,
condominium apartment starts decreased by 80% amidst
a decline in the number of pre-sales. While the number
of pre-sales increased 153% between 2009 and 2011, the
number of new condominium apartment starts in 2012
stayed below 2008 levels.
Since many pre-sales occur before start of construction,
comparing the average annual pre-sales and starts over
a 5-year period is also useful. Between 2008 and 2012,
the Toronto condominium apartment market averaged
approximately 18,300 starts per year and 19,200 pre-sales
annually, while Vancouver averaged approximately 7,300
starts and 7,900 presales.
The number of units under construction in Toronto,
echoing the pattern of starts, was lower from December
2008 to December 2011, and higher in December
2012 (see Figure 2-21). In March 2013, the number of
condominium apartments under construction in Toronto
was 43.5% higher than the previous peak in December
2008. This increase coincided with a rise in the percentage
role that apartment condominiums play in them as a
source of rental housing and as a relatively less expensive
option for homeownership. The fluctuations in new
construction, sales, and prices over the past decade have
also brought more attention to these markets.
Toronto and Vancouver account for about
half of new Canadian condominium
apartment starts
Toronto and Vancouver dominate the Canadian
condominium apartment housing market both in terms
of housing starts as well as resales.23 As a share of national
condominium apartment housing starts, these two CMAs
accounted for just over half the national total in 2012,
with 30% in Toronto and 21% in Vancouver. In 2012,
condominium apartments accounted for close to 20,000
resales in Toronto (almost one-quarter of all resales) and
more than 17,300 resales in Vancouver (over two-thirds
of all resales). The condominium apartment market is
significantly larger in these two CMAs than in other
CMAs in Canada (see Figure 2-19).
23 Sales of existing property through the Multiple Listing Service (MLS®) system.
FIGURE 2 19
Condominium apartment MLS® sales and
share of Canadian apartment housing starts,
selected CMAs, 2012
Source: CMHC, adapted from Real Estate Board of Greater Vancouver,
Fraser Valley Real Estate Board, Toronto Real Estate Board, Greater Montréal
Real Estate Board, Calgary Real Estate Board, Ottawa Real Estate Board
Thousands of units
Per cent
0
5
10
15
20
Ottawa
Calgary
Montréal
Vancouver
Toronto
0
10
20
30
40
Share of condominium market
apartment housing starts
(right-hand scale)
MLS® condominium
apartment sales
(left-hand scale)

Page 21
Condominiums
Canada Mortgage and Housing Corporation
2-19
of units under construction that were pre-sold, from 84%
in the first quarter of 2009 to 89% in the first quarter
of 2013 (see Figure 2-22). Unlike Toronto, the number
of condominium apartments under construction in
Vancouver fell by 24.6% from December 2008 to March
2013. Units under construction will be completed at
various points in time.
Condominium apartments offer a more
accessible entry point into homeownership
The relative affordability of condominium apartments
compared to single-detached houses has played a
part in fuelling the demand for, and the prevalence
of, condominium apartments in both Toronto and
Vancouver. In March 2013, based on average MLS®
resale prices, the price of a single-detached house
was 1.9 and 2.4 times that of a condominium apartment
in Toronto and Vancouver, respectively. Condominium
apartments thus provided a much more accessible
entry point into homeownership in these two CMAs
(see Figure 2-23).
FIGURE 2 20
Condominium apartment new construction starts and pre-sales,
Toronto and Vancouver CMAs, 2008-2012
Pre-sale is defined as a sale of a condominium apartment unit that occurs before construction completion.
Source: CMHC; CMHC, adapted from Urbanation Inc. and MPC Intelligence
Thousands of units
Toronto
Vancouver
Thousands of units
Starts
Pre-sales
Starts
Pre-sales
2012
2011
2010
2009
2008
0
5
10
15
20
25
30
2012
2011
2010
2009
2008
0
2
4
6
8
10
12
14
FIGURE 2 21
Condominium apartments under construction,
Toronto and Vancouver CMAs, 2000-2013 Q1
Data for 2000-2012 are as of December; 2013 data are as of March.
Source: CMHC (Starts and Completions Survey)
Thousands of units
0
10
20
30
40
50
60
2013 Q1
2012
2011
2010
2009
2008
2007
2006
2005
2004
2003
2002
2001
2000
Vancouver
Toronto

Page 22
Canada Mortgage and Housing Corporation
Canadian Housing Observer 2013
2-20
Condominium apartment rentals in Toronto and
Vancouver feature lower average vacancy rates and
higher average rents compared to conventional
purpose-built rental apartment units,25 creating
a favourable investor market given the prevailing
low mortgage interest rates and generally increasing
resale prices (see below). The vacancy rate for rental
condominium apartments in Vancouver was 1.0%
in 2012, compared to 1.8% for purpose-built
rental apartments; in Toronto it was 1.2% and
1.7%, respectively.
Strong rental market demand for
condominium apartments
Investors are a strong presence in the Toronto and
Vancouver condominium apartment markets. In both
CMAs, condominium apartments represent the vast
majority of all new rental supply, accounting for
86% of the new additions to the rental market
in the Toronto CMA, and 91% of the new units in
Vancouver from October 2011 to October 2012.24
In 2012, about 23% and 26%, respectively, of all
condominium apartments in Toronto and Vancouver
were used as rental units, shares that have increased
since 2007 (see Figure 2-24).
FIGURE 2 23
0
1
2
3
Average MLS® prices and price ratios
for single-detached freehold
houses and condominium apartments,
selected CMAs, March 2013
Source: CMHC, adapted from Real Estate Board of Greater Vancouver,
Fraser Valley Real Estate Board, Toronto Real Estate Board, Greater Montréal
Real Estate Board, Calgary Real Estate Board, Ottawa Real Estate Board
Average MLS® price ($000s)
Price ratio
Ottawa
Calgary
Montréal
Vancouver
Toronto
Single-detached freehold (left-hand scale)
Condominium apartment (left-hand scale)
Price ratio of single-detached freehold to condominum
apartments (right-hand scale)
0
200
400
600
800
1,000
1,200
FIGURE 2 22
Percentage of condominium apartment
units under construction that are pre-sold,
Toronto CMA, 2009 Q1–2013 Q1
Source: CMHC, adapted from Urbanation Inc.
% pre-sold
80
81
82
83
84
85
86
87
88
89
90
91
2013 Q1
2012 Q1
2011 Q1
2010 Q1
2009 Q1
24 CMHC Rental Market Report, 2012, based on the increase in the condominium apartment universe and the increase in all other rental units
from October 2011 to October 2012.
25 CMHC Rental Market Report, 2012. The higher rents and lower vacancy rates of condominium apartment rentals compared to purpose-built
rental units may reflect a variety of factors: more convenient locations (e.g., closer to downtown or on rapid transit) of condominium apartment
rentals, newer buildings with more amenities, and flexibilities with rent by the investor landlord to keep occupancy high and loss low of rents
through vacancies.

Page 23
Condominiums
Canada Mortgage and Housing Corporation
2-21
In Vancouver, the average rent for a one-bedroom
condominium apartment in October 2012 was
32% higher than the average rent for a purpose-built
one-bedroom apartment; in Toronto it was 43%
higher (see Figure 2-25).
The length of time a condominium apartment is held
before it is resold tends to be shorter than that for a
single-detached freehold (see Figure 2-26). The percentage
of owners holding a condominium apartment unit for
2-5 years is generally higher than the percentage for
owners of a single-detached freehold and the relationship
is reversed for owners holding a unit 5-10 years.
For many (e.g., younger) buyers who purchase a
condominium apartment as a primary residence, there
typically is a “trade-up” plan in mind. For example,
an entry-level bachelor or one-bedroom condominium
apartment is often viewed as a stepping stone to a
larger two- or three-bedroom condominium apartment
or a single-detached freehold. The average size of a
condominium apartment has decreased; for example,
the average size of a one-bedroom condominium
apartment in the City of Vancouver fell from 62.1 m2
(668 ft2) for units completed in 2008 to 53 m2
(580 ft2) for those scheduled to be completed in 2013.26
FIGURE 2 24
Per cent
Source: CMHC (Rental Market Survey)
Shares of condominium apartments
used as rentals,Toronto and
Vancouver CMAs, 2007-2012
16
18
20
22
24
26
28
2012
2011
2010
2009
2008
2007
Vancouver
Toronto
26 CMHC, adapted from Real Estate Board of Greater Vancouver.
FIGURE 2 25
Average monthly rents for one-bedroom
and two-bedroom condominium apartments
and purpose-built rental apartments,
Toronto and Vancouver CMAs, October 2012
Dollars
0
200
400
600
800
1,000
1,200
1,400
1,600
1,800
Condominium
rentals
Purpose-built
rentals
Condominium
rentals
Purpose-built
rentals
Source: CMHC (Rental Market Survey, Condominium Apartment Rent Survey)
One-bedroom apartments
Two-bedroom apartments
Vancouver
Toronto
FIGURE 2 26
Shares of single-detached freehold house sales
and condominium apartment sales by time
held before resold, Vancouver CMA, 1985-2012
Source: CMHC, adapted from Landcor Data Corporation
Per cent
0
10
20
30
40
50
60
2012
2009
2006
2003
2000
1997
1994
1991
1988
1985
Single-detached freehold (5 to less than 10 years)
Single-detached freehold (2 to less than 5 years)
Condominium apartment (5 to less than 10 years)
Condominium apartment (2 to less than 5 years)

Page 24
Canada Mortgage and Housing Corporation
Canadian Housing Observer 2013
2-22
The months of supply of completed and unsold
condominium apartments27 in Toronto has been about
or below one month for over a decade (see Figure 2-28).
In Vancouver, it was below one month for several years,
before rising to about six months at the end of 2010,
and falling thereafter to about three months in the first
quarter of 2013.
Space constraints are typically experienced in
condominium apartments more quickly than in larger
single-detached houses as the latter are often built
with at least three bedrooms and / or provide more
opportunity to be reconfigured or expanded as needed.
The number of completed but unsold
units has been increasing, particularly
in Vancouver, impacting prices
The inventory of completed and unsold condominium
apartment units in Toronto declined from almost
1,800 units in the mid-2000s to about 380 units in
2009, and has since increased. In March 2013, there
were 955 completed and unsold condominium apartment
units in Toronto (see Figure 2-27).
In Vancouver, there were 1,662 completed and unsold
condominium apartment units at March 2013, well below
the peak of 3,317 units from the mid-1990s but above the
very low levels recorded from 2002 to 2007. This higher
volume of readily available new units since 2009 provided
price competition for units on the resale market.
27 The months of supply of completed and unsold units is the ratio of the number of these units to the number of units that have been absorbed in
the same month; absorbed means that a housing unit is no longer on the market, having been sold or rented, usually via a binding contract
secured by a non-refundable deposit and signed by a qualified purchaser.
FIGURE 2 27
Completed and unsold condominium apartment
units, Toronto and Vancouver CMAs, 1993-2013
Source: CMHC (Starts and Completions Survey)
Number of units
0
500
1,000
1,500
2,000
2,500
3,000
3,500
Mar-93 Mar-96 Mar-99 Mar-02 Mar-05 Mar-08 Mar-11
Toronto
Vancouver
FIGURE 2 28
Months of supply of completed and unsold
condominium apartments, Toronto and
Vancouver CMAs, 1997 Q1–2013 Q1
Source: CMHC (Starts and Completions Survey)
Vancouver
Months of supply
2013 Q1
2009 Q1
2005 Q1
2001 Q1
1997 Q1
0
2
4
6
8
10
Months of supply
Toronto
0
1
2
3
4
2013 Q1
2009 Q1
2005 Q1
2001 Q1
1997 Q1

Page 25
Condominiums
Canada Mortgage and Housing Corporation
2-23
units and offering increased incentives to buyers
(see text box Toronto and Vancouver condominium builders
react to market conditions). At the end of the first quarter
in 2013, average MLS® prices for condominium
apartments were down 1.5% in Toronto and 0.7%
in Vancouver compared to the first quarter of 2012.
Average prices vary within both
Toronto and Vancouver CMAs
In the Greater Toronto Area, the southern part of the
City of Toronto recorded the highest average condominium
apartment MLS® price of $804,000 over the first
six months of 2013; however, the average price of
condominium apartments in this area is likely skewed by
more expensive units in and around the downtown core,
as the median MLS® price of a condominium unit was
nearly $200,000 lower, at $613,000, over the same period.
In 2007, the months of supply28 of resale condominium
apartments were 2.4 in Toronto and 3.2 in Vancouver
(see Figure 2-29). One year later, as sales slowed and
the number of listings increased, the months of supply
increased in both markets, particularly in Vancouver,
before falling in 2009 to about 2007 levels. The
months of supply trended up between 2009 and 2012
to 4.3 months of supply in Toronto and 9.3 in Vancouver
by the end of that period. However, the months of supply
trended down in the first quarter of 2013.
A surge in sales of condominium apartments in 2010
in both Toronto and Vancouver led to an average MLS®
price increase of over 9% for condominium apartments
compared to the previous year (see Figure 2-30). Since
then, a combination of slower sales, higher listings, and
competition from new supply contributed to slower price
growth or declining prices, depending on the market.
Builders have adjusted to the moderation in demand
by slowing the construction of new condominium
28 The months of supply of resale condominium apartments is calculated as seasonally-adjusted year-end active listings divided
by the seasonally-adjusted monthly sales rate during the fourth quarter.
FIGURE 2 29
1 Calculated as seasonally-adjusted year-end active listings divided by the
seasonally-adjusted monthly sales rate during the fourth quarter.
Source: Toronto Real Estate Board, Real Estate Board of Greater Vancouver
Months of supply for resale
condominium apartment units,1
Toronto and Vancouver CMAs, 2006-2012
2012
2011
2010
2009
2008
2007
2006
0
2
4
6
8
10
12
14
16
Vancouver
Toronto
FIGURE 2 30
1 January – March 2013.
Source: CMHC, adapted from Toronto Real Estate Board, Real Estate Board
of Greater Vancouver
Condominium apartment
average MLS® price change,
Toronto and Vancouver CMAs, 2008-20131
Per cent
-4
-2
0
2
4
6
8
10
12
20131
2012
2011
2010
2009
2008
Vancouver
Toronto

Page 26
Canada Mortgage and Housing Corporation
Canadian Housing Observer 2013
2-24
respectively, and Mississauga registered an average
price of $267,000 and a median price of $253,000
(see Figure 2-31). Clarington offered even lower average
and median prices and a smaller absolute spread between
the two measures.
There was a wide range in Vancouver as well. The average
MLS® price of condominium apartments in March
2013 was about $708,000 for Vancouver Downtown; in
Richmond, it was $354,000 (see Figure 2-32). Still more
affordable condominium apartments were in Coquitlam,
Surrey, and Langley.
Other regions in the Greater Toronto Area saw smaller
absolute gaps between the average and median MLS®
price of condominium apartments, including the northern
part of the City of Toronto, outside the downtown core.
This suggests that the share of the high-end luxury
condominium segment is larger in the southern area of
the City when compared to the rest of the Greater Toronto
Area. In particular, the northern part of the City saw an
average price of $384,000 and a median price of $362,000
over the first six months of 2013, while Markham saw
average and median prices of $333,000 and $307,000,
In Toronto, echoing the significant level of starts in 2012, the number of condominiums currently under
construction is high from a historical standpoint. However, this is not expected to translate into a sudden rise
in completions and higher inventories of completed and unsold units because apartment condominiums under
construction typically consist of projects started at different points in time that take varying lengths of time to
complete—some as long as three or four years. While there may be concerns about the current number of units
under construction, builders are responding to market conditions by reducing the number of new project launches
and moderation of pricing at launch. In addition, inventories of completed and unabsorbed units, in terms of
months of supply, remain low because builders typically don’t begin construction until a substantial share of units
in a project are sold. Builders are expected to continue to manage their construction and completion schedules in
order to avoid sudden increases in inventories of newly constructed units. As a result, completions of new units are
expected to trend higher for some time rather than spiking. Because some new units are resold shortly following
completion, inventories of units for sale on the resale market (active listings) can also be expected to rise as
completions of new units rise. However, while the months of supply on the resale market increased in late-2012,
it fell by mid-2013 as sales picked up. In addition, more condominium investors are renting rather than listing
for sale at completion. The trend in months of supply is similar across most submarkets, but Etobicoke is an area
where it tends to be above average. Builders also continue to offer incentives for buyers.
In Vancouver, the number of condominiums under construction rose in 2012, but remains below the peak levels
in 2007 and 2008. While the number of completed units is trending up, the level of completed and unabsorbed
units, in terms of months of supply, is trending lower. As in Toronto, many newly completed units find their way
to the resale market. Active resale condominium listings have increased slightly while existing condominium sales
have been decreasing, resulting in a rising number of months of supply on the resale market and softening resale
prices. This is particularly the case in the resale markets outside the downtown core, such as Richmond, Surrey
and Coquitlam, when compared to the City of Vancouver. However, rental condominium demand is expected
to partly restrain the growth of resale condominium listings, reflecting the much lower cost to a tenant of renting
a condominium in Vancouver when compared to the cost of carrying a mortgage on a similar unit, particularly
for down payments that are not considerably higher than 20%. In addition, builders in Vancouver have slowed
the construction of new units, resulting in a declining trend for condominium starts since the last quarter of 2012
and over the first half of 2013, and are also offering increased incentives to encourage sales.
Toronto and Vancouver condominium builders react to market conditions

Page 27
Condominiums
Canada Mortgage and Housing Corporation
2-25
FIGURE 2 31
Source: CMHC, adapted from Toronto Real Estate Board
Average and median MLS® price for condominium apartments, Greater Toronto Area, first half of 2013
Markham
Avg. Price: $333K
Med. Price: $307K
Pickering
Avg. Price: $267K
Med. Price: $263K
City of Toronto, South
Avg. Price: $804K
Med. Price: $613K
Mississauga
Avg. Price: $267K
Med. Price: $253K
Clarington
Avg. Price: $191K
Med. Price: $184K
City of Toronto, North
Avg. Price: $384K
Med. Price: $362K
FIGURE 2 32
Source: CMHC, adapted from Real Estate Board of Greater Vancouver, Fraser Valley Real Estate Board
Average MLS® price for condominium apartments, Vancouver area, March 2013
Vancouver Westside
Avg. Price: $458K
Vancouver Downtown
Avg. Price: $708K
Langley
Avg. Price: $201K
Richmond
Avg. Price: $354K
Surrey
Avg. Price: $268K
Coquitlam
Avg. Price: $282K

Page 28
Condominiums
Canada Mortgage and Housing Corporation
2-27
Alternative text and data for figures
Figure 2-1: Property owned under condominium tenure can be of any structure type
High-rise and stacked townhouse condominium units in Durham Region, Ontario.
Credit: William Baynes
Figure 2-2: Condominiums by structure type (%), Canada, 2011
Structure type
Per cent
Single-detached house
4
Low-rise apartment
36
High-rise apartment
31
Row house
23
Other dwelling
6
Includes both owner-occupied and rented condominiums.
Low-rise apartments are in buildings with fewer than five storeys. High-rise apartments are in buildings with five or more storeys.
Other dwellings comprise duplexes, single-attached houses (a single dwelling attached to another building), semi-detached houses, and movable dwellings.
Source: CMHC, adapted from Statistics Canada (National Household Survey)

Page 29
Canada Mortgage and Housing Corporation
Canadian Housing Observer 2013
2-28
Figure 2-3: Condominiums by structure type, CMAs, 2011
Distribution of condominiums by structure type
Geography
Low-rise
apartments (%)
High-rise
apartments (%)
Row houses (%)
Single-detached
houses (%)
Other
dwellings (%)
Victoria
53.7
18.0
20.0
2.4
5.9
Vancouver
41.3
32.7
19.3
1.7
4.9
Abbotsford-Mission
56.5
6.4
22.9
2.7
11.5
Kelowna
61.0
6.7
17.2
6.2
9.0
Edmonton
42.3
14.0
30.2
3.0
10.4
Calgary
38.8
16.1
32.3
3.9
8.9
Saskatoon
52.5
10.4
23.4
7.1
6.6
Regina
45.5
8.4
30.3
10.4
5.4
Winnipeg
44.4
29.9
12.2
7.1
6.3
Thunder Bay
45.6
33.0
12.5
4.0
4.8
Greater Sudbury/Grand Sudbury
16.0
30.3
39.9
8.5
5.3
Barrie
28.6
32.4
24.6
8.8
5.6
Windsor
18.2
38.7
33.1
3.6
6.4
London
10.7
17.2
60.0
9.1
3.0
Guelph
15.4
19.1
51.1
9.9
4.5
Brantford
17.1
12.6
56.0
10.1
4.1
Kitchener-Cambridge-Waterloo
14.4
26.4
49.8
4.7
4.8
St. Catharines-Niagara
20.7
20.1
48.6
5.0
5.6
Hamilton
13.5
24.3
55.0
4.4
2.8
Toronto
7.9
67.4
19.9
2.5
2.4
Oshawa
19.5
21.4
50.7
5.1
3.3
Peterborough
36.0
5.6
52.1
3.2
3.2
Kingston
22.1
40.0
28.9
3.6
5.4
Ottawa
16.2
33.7
45.2
1.8
3.2
Gatineau
68.9
12.8
8.9
3.7
5.7
Montréal
64.2
21.6
7.2
1.5
5.5
Trois-Rivières
77.1
1.5
9.1
3.4
8.9
Sherbrooke
71.1
7.6
7.9
4.4
9.0
Québec
69.5
16.8
5.6
2.2
5.9
Saguenay
66.5
1.3
9.6
6.5
16.1
Saint John
35.8
11.8
39.3
6.5
6.5
Moncton
42.0
0.0
36.0
4.4
17.6
Halifax
38.7
35.8
20.1
2.7
2.8
St. John’s
41.0
6.2
33.0
7.9
12.0
Includes both owner-occupied and rented condominiums.
Quebec and Ontario portions of Ottawa-Gatineau are shown separately.
Low-rise apartments are in buildings with fewer than five storeys. High-rise apartments are in buildings with five or more storeys. Other dwellings comprise duplexes,
single-attached houses (a single dwelling attached to another building), semi-detached houses, and movable dwellings.
Source: CMHC, adapted from Statistics Canada (National Household Survey)

Page 30
Condominiums
Canada Mortgage and Housing Corporation
2-29
Figure 2-5: Condominium share of total housing
starts, Urban Canada,1 1990-2012
Year
Units intended for the condominium
market as a % of total housing starts
1990
19.5
1991
14.3
1992
16.6
1993
24.6
1994
24.9
1995
26.9
1996
22.7
1997
22.3
1998
23.4
1999
22.4
2000
21.6
2001
22.5
2002
20.5
2003
25.6
2004
28.8
2005
31.1
2006
31.7
2007
31.8
2008
39.3
2009
26.4
2010
29.2
2011
35.3
2012
40.1
1 Figure displays data for centres with populations of 10,000 or more.
Source: CMHC (Starts and Completions Survey)
Figure 2-6: Condominium share of growth in
homeownership, Canada and CMAs, 1996-2011
Geography
Change in owner-occupied
condominiums as a % of change
in owner households
Canada
27.7
All-CMAs
31.6
Vancouver
58.2
Montréal
39.8
Saskatoon
39.6
Victoria
37.2
Hamilton
35.1
Regina
34.6
Toronto
33.8
Abbotsford-Mission
32.6
Calgary
31.2
Edmonton
30.3
Québec
30.0
Winnipeg
25.1
Kelowna
24.9
London
24.2
Guelph
21.3
St. Catharines-Niagara
19.0
Ottawa
18.8
Kitchener-Cambridge-Waterloo
17.9
Windsor
16.1
Gatineau
14.6
Thunder Bay
13.6
Halifax
12.6
Brantford
12.6
Trois-Rivières
12.3
Saguenay
12.1
Sherbrooke
11.2
Kingston
10.2
Oshawa
9.0
St. John’s
8.9
Moncton
8.5
Peterborough
8.0
Barrie
7.7
Saint John
6.3
Greater Sudbury/Grand Sudbury
1.9
Data from the 2011 National Household Survey may not be comparable to
those from earlier censuses.
Quebec and Ontario portions of Ottawa-Gatineau are shown separately.
Source: CMHC, adapted from Statistics Canada (Census of Canada, National
Household Survey)

Page 31
Canada Mortgage and Housing Corporation
Canadian Housing Observer 2013
2-30
Figure 2-7: Occupied condominiums
by tenure, Canada, 2011
Tenure
2011 (units)
All occupied condominiums1
1,615,485
Owner-occupied condominiums
1,153,585
Rented condominiums
461,215
1 Includes 700 units of band housing.
Source: CMHC, adapted from Statistics Canada (National Household Survey)
Figure 2-8: Condominium ownership rates
by age of primary household maintainer,1
Canada, 1996, 2001, 2006, 2011
Age
group
Condominium owners as a % of all households
1996 (%)
2001 (%)
2006 (%)
2011(%)
15-24
1.9
2.2
4.6
5.9
25-29
3.8
4.3
7.3
10.1
30-34
4.2
5.0
7.4
10.0
35-39
3.8
4.6
6.3
8.2
40-44
3.8
4.6
5.6
7.2
45-49
4.2
4.9
5.7
6.7
50-54
4.8
5.7
6.4
6.9
55-59
5.3
6.2
7.3
7.7
60-64
5.6
6.7
8.1
8.6
65-69
6.3
7.5
8.7
9.5
70-74
7.4
8.6
9.9
10.6
75+
7.4
9.7
11.6
13.0
1 A household maintainer is the person or one of the people in the household
responsible for major household payments such as the rent or mortgage.
Where more than one person in a household claims responsibility for such
payments, the primary maintainer is the first person listed on the census
form as a maintainer.
Data from the 2011 National Household Survey may not be comparable
to those from earlier censuses.
Source: CMHC, adapted from Statistics Canada (Census of Canada, National
Household Survey)
Figure 2-9: Share of total growth in owner-occupied
condominiums by age of primary household
maintainer (%),1 Canada, 1996-2011
Age group
(%)
15-24
3
25-34
17
35-44
13
45-54
18
55-64
20
65-74
12
75+
17
1 A household maintainer is the person or one of the people in the household
responsible for major household payments such as the rent or mortgage.
Where more than one person in a household claims responsibility for such
payments, the primary maintainer is the first person listed on the census
form as a maintainer.
Data from the 2011 National Household Survey may not be comparable to
those from earlier censuses.
Source: CMHC, adapted from Statistics Canada (Census of Canada, National
Household Survey)
Figure 2-10: Distributions of condominium
owners and other homeowners by age of primary
household maintainer (%),1 Canada, 2011
Age group
Condominium
owners (%)
Other
homeowners (%)
15-24
2
1
25-34
17
10
35-44
16
18
45-54
18
26
55-64
18
22
65+
29
23
1 A household maintainer is the person or one of the people in the household
responsible for major household payments such as the rent or mortgage.
Where more than one person in a household claims responsibility for such
payments, the primary maintainer is the first person listed on the census
form as a maintainer.
Source: CMHC, adapted from Statistics Canada (Census of Canada, National
Household Survey)

Page 32
Condominiums
Canada Mortgage and Housing Corporation
2-31
Figure 2-11: Distributions of condominium
owners and other homeowners by
household type, Canada, 2011
Household type
Condominium
owners (%)
Other
homeowners (%)
Couples without children
28
32
Couples with children
16
39
Lone-parent households
9
8
One-person households
42
17
Other households
5
5
Other households comprise multi-family households and non-family
households of two or more persons. Family households include at least
one census family (a couple with or without children or a lone parent)
and may include additional members who are not part of the census family.
Source: CMHC, adapted from Statistics Canada (National Household Survey)
Figure 2-12: Structure type choices of condominium owners
by age group, Canada, 2011
Age group of primary
household maintainer
High-rise
apartments (%)
Low-rise
apartments (%)
Row
houses (%)
Single-detached
houses (%)
Other
dwellings (%)
15-24
31.2
40.1
18.4
3.5
6.8
25-34
31.3
37.7
22.6
2.8
5.6
35-44
29.5
30.2
29.8
4.1
6.4
45-54
27.2
29.4
31.8
4.8
6.9
55-64
27.7
30.9
29.2
4.7
7.5
65-74
36.3
31.6
20.4
4.5
7.3
75+
39.6
32.7
17.5
3.8
6.4
Low-rise apartments are in buildings with fewer than five storeys. High-rise apartments are in buildings with five or more storeys. Other dwellings comprise
duplexes, single-attached houses (a single dwelling attached to another building), semi-detached houses, and movable dwellings.
Source: CMHC, adapted from Statistics Canada (National Household Survey)
Figure 2-13: Median estimated dwelling values1 for
condominiums and other owner-occupied
dwellings, selected CMAs, 2011
Geography
Condominium ($) Non-Condominium ($)
Victoria
348,512
590,928
Vancouver
375,181
698,781
Abbotsford-Mission
210,211
425,651
Kelowna
289,424
449,227
Edmonton
250,269
380,098
Calgary
286,153
429,199
Saskatoon
250,442
330,761
Regina
259,190
300,642
Winnipeg
190,214
250,165
Barrie
174,992
286,709
Hamilton
240,095
320,332
Toronto
295,616
450,427
Oshawa
180,204
290,263
Ottawa
229,502
360,357
Gatineau
165,088
229,602
Montréal
229,983
285,700
Québec
200,046
238,721
Halifax
200,334
249,864
1 Values estimated by homeowners if their dwellings were to be sold.
Excludes farm households. Quebec and Ontario portions of Ottawa-
Gatineau are shown separately.
Source: Statistics Canada (National Household Survey)

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Figure 2-14: Median monthly shelter costs1
for condominium owners with mortgages and
other owners2 with mortgages, recently
constructed units,3 selected CMAs, 2011
Geography
Condominium ($) Non-Condominium ($)
Victoria
1,538
2,289
Vancouver
1,759
2,423
Abbotsford-Mission
1,243
2,202
Kelowna
1,603
2,100
Edmonton
1,554
2,058
Calgary
1,642
2,087
Saskatoon
1,498
1,902
Regina
1,446
1,967
Winnipeg
1,438
1,754
Barrie
1,537
1,898
Hamilton
1,504
1,967
Toronto
1,709
2,054
Oshawa
1,458
1,893
Ottawa
1,567
1,862
Gatineau
1,205
1,492
Montréal
1,228
1,593
Québec
1,131
1,417
Halifax
1,620
1,713
1 Shelter costs include mortgage payments (principal and interest), property
taxes, and condominium fees, along with payments for electricity, fuel, water
and other municipal services.
2 Excludes farm households.
3 Recent construction refers to units built from January 1, 2006 to
May 10, 2011 (Census Day).
Quebec and Ontario portions of Ottawa-Gatineau are shown separately.
Source: Statistics Canada (National Household Survey)
Figure 2-15: Condominium share of
homeownership market, Canada, CMAs,
CAs, and other areas, 2011
Geography
Owner-occupied condominiums
as a % of owner households
Canada
12.6
All CMAs
17.3
All CAs
6.4
Small towns and rural areas
1.8
Vancouver
35.1
Abbotsford-Mission
25.7
Victoria
22.0
Toronto
21.1
Kelowna
19.9
Calgary
18.8
Edmonton
17.8
Montréal
17.1
Ottawa
16.3
Saskatoon
15.6
Hamilton
15.2
Guelph
14.1
Québec
13.9
London
13.6
Regina
10.9
Kitchener-Cambridge-Waterloo
10.4
Winnipeg
8.4
Gatineau
7.9
Halifax
6.9
Brantford
6.9
Sherbrooke
6.8
Windsor
6.5
Oshawa
6.4
Barrie
6.2
Kingston
6.2
St. Catharines-Niagara
5.7
Trois-Rivières
4.3
Peterborough
4.2
Saguenay
3.9
Moncton
3.8
Thunder Bay
3.5
St. John’s
3.4
Saint John
3.0
Greater Sudbury/Grand Sudbury
1.1
A Census Metropolitan Area (CMA) is an urban area with a total population
of at least 100,000 and an urban core population of at least 50,000. A Census
Agglomeration (CA) is an urban area that is not a CMA and has an urban
core population of at least 10,000.
Quebec and Ontario portions of Ottawa-Gatineau are shown separately.
Source: CMHC, adapted from Statistics Canada (National Household Survey)

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Figure 2-16: Condominium shares of
homeownership market, selected CAs, 2011
Geography
Owner-occupied condominiums
as a % of owner households
Canada
12.6
All-CMAs
17.3
All-CAs
6.4
Canmore (AB)
34.8
High River (AB)
25.4
Collingwood (ON)
23.2
Wood Buffalo (AB)
22.0
Chilliwack (BC)
20.9
Squamish (BC)
19.9
Penticton (BC)
19.3
Vernon (BC)
17.4
Parksville (BC)
16.4
Strathmore (AB)
16.0
Kamloops (BC)
14.8
Okotoks (AB)
14.7
Cobourg (ON)
14.6
Yellowknife (NT)
14.1
Medicine Hat (AB)
13.9
Nanaimo (BC)
13.2
Red Deer (AB)
12.6
Figure displays all CAs with higher-than-average condominium shares.
A Census Agglomeration (CA) is an urban area that is not a CMA and
has an urban core population of at least 10,000. A Census Metropolitan
Area (CMA) is an urban area with a total population of at least 100,000
and an urban core population of at least 50,000.
Source: CMHC, adapted from Statistics Canada (National Household Survey)
Figure 2-17: Distribution of condominium
and non-condominium purchases, senior
households,1 Canada and selected CMAs,
May 2006 to May 20112
Distribution of homes bought by senior households
Geography
Condominium (%) Non-Condominium (%)
Canada
36.0
64.0
All CMAs
48.2
51.8
Victoria
50.8
49.2
Vancouver
59.6
40.4
Abbotsford-Mission
62.1
37.9
Kelowna
40.2
59.8
Edmonton
54.8
45.2
Calgary
48.7
51.3
Saskatoon
64.9
35.1
Regina
56.5
43.5
Winnipeg
47.8
52.2
Hamilton
50.7
49.3
Toronto
53.5
46.5
Ottawa
47.4
52.6
Gatineau
28.4
71.6
Montréal
51.2
48.8
Québec
55.6
44.4
Halifax
29.7
70.3
1 Senior households have maintainers aged 65 or older. The household
maintainer is the person or one of the people in the household responsible
for major household payments. Where more than one person in a household
claims responsibility for such payments, the primary maintainer is the first
person listed on the census form as a maintainer.
2 May 10, 2006 to May 10, 2011 – the five years up to and including
Census Day.
Quebec and Ontario portions of Ottawa-Gatineau are shown separately.
Source: CMHC, adapted from Statistics Canada (National Household Survey)

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Canada Mortgage and Housing Corporation
Canadian Housing Observer 2013
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Figure 2-18: Residential mobility by age group,
Canada, 1991-2011
Age
group
% of population1 moving in previous 5 years
1991 (%) 1996 (%) 2001 (%) 2006 (%) 2011(%)
15-19
40.0
38.0
36.7
36.3
34.1
20-24
60.2
56.8
55.5
53.4
52.0
25-29
76.9
75.4
75.0
73.2
72.2
30-34
67.2
67.0
68.5
69.7
68.3
35-39
53.3
51.9
53.4
55.8
54.6
40-44
42.7
41.2
41.5
42.4
42.2
45-49
35.1
34.0
33.8
33.5
32.5
50-54
30.1
29.2
28.9
28.7
26.8
55-59
26.9
26.6
26.1
25.9
23.6
60-64
25.4
24.2
23.8
24.0
21.7
65-69
23.9
21.9
21.1
22.0
19.5
70-74
21.9
19.7
18.7
19.2
17.6
75+
20.9
19.1
18.0
19.5
16.4
1 Population in private households.
Mobility data from the 2011 National Household Survey (NHS) and earlier
censuses are not strictly comparable.
Unlike census data, NHS data do not include residents of non-institutional
collective dwellings.
Source: CMHC, adapted from Statistics Canada (Census of Canada, National
Household Survey)
Figure 2-19: Condominium apartment MLS®
sales and share of Canadian apartment
housing starts, selected CMAs, 2012
Geography
MLS® condominium
apartment sales
(units)
Share of condominium
market apartment
housing starts (%)
Toronto
19,994
30.2
Vancouver
17,330
21.4
Montréal
12,481
16.3
Calgary
3,502
5.6
Ottawa
1,505
2.0
Source: CMHC, adapted from Real Estate Board of Greater Vancouver,
Fraser Valley Real Estate Board, Toronto Real Estate Board, Greater Montréal
Real Estate Board, Calgary Real Estate Board, Ottawa Real Estate Board
Figure 2-20: Condominium apartment new
construction starts and pre-sales, Toronto
and Vancouver CMAs, 2008-2012
Year
Toronto Starts
(units)
Toronto Pre-sales
(units)
2008
22,244
14,469
2009
10,954
14,792
2010
11,586
20,491
2011
19,195
28,190
2012
27,413
17,997
Year
Vancouver Starts
(units)
Vancouver Pre-sales
(units)
2008
11,496
5,592
2009
2,355
4,725
2010
5,793
8,226
2011
7,177
11,931
2012
9,616
8,926
Pre-sale is defined as a sale of a condominium apartment unit that occurs
before construction completion.
Source: CMHC; CMHC, adapted from Urbanation Inc. and MPC Intelligence
Figure 2-21: Condominium apartments
under construction, Toronto and
Vancouver CMAs, 2000-2013 Q1
Year
Toronto
(thousands of units)
Vancouver
(thousands of units)
2000
12.1
2.7
2001
20.1
3.4
2002
16.5
5.0
2003
20.3
7.6
2004
23.7
11.4
2005
25.8
14.1
2006
25.4
14.7
2007
27.1
18.3
2008
35.7
17.8
2009
34.6
10.8
2010
31.6
8.6
2011
33.9
10.9
2012
50.0
14.0
2013 Q1
51.2
13.4
Data for 2000-2012 are as of December; 2013 data are as of March
Source: CMHC (Starts and Completions Survey)

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Condominiums
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Figure 2-22: Percentage of condominium
apartment units under construction that are
pre-sold, Toronto CMA, 2009 Q1–2013 Q1
Quarter
Pre-sold units (%)
2009 Q1
84.0
2009 Q2
85.9
2009 Q3
87.7
2009 Q4
89.3
2010 Q1
88.1
2010 Q2
88.0
2010 Q3
86.5
2010 Q4
86.5
2011 Q1
87.2
2011 Q2
88.1
2011 Q3
89.4
2011 Q4
90.2
2012 Q1
89.7
2012 Q2
89.3
2012 Q3
88.7
2012 Q4
88.2
2013 Q1
88.7
Source: CMHC, adapted from Urbanation Inc.
Figure 2-23: Average MLS® prices and price
ratios for single-detached freehold houses
and condominium apartments,
selected CMAs, March 2013
Geography
Single-detached
freehold
($)
Condominium
apartment
($)
Price ratio of
single-detached
freehold to
condominum
apartments
Toronto
658,118
342,327
1.9
Vancouver
1,039,659
434,590
2.4
Montréal
322,482
258,448
1.2
Calgary
518,603
300,581
1.7
Ottawa
409,681
284,866
1.4
Source: CMHC, adapted from Real Estate Board of Greater Vancouver,
Fraser Valley Real Estate Board, Toronto Real Estate Board, Greater Montréal
Real Estate Board, Calgary Real Estate Board, Ottawa Real Estate Board
Figure 2-24: Shares of condominium
apartments used as rentals, Toronto and
Vancouver CMAs, 2007-2012
Year
Toronto (%)
Vancouver (%)
2007
18.7
22.3
2008
19.1
22.1
2009
20.3
23.8
2010
19.8
24.7
2011
22.2
25.7
2012
22.6
25.9
Source: CMHC (Rental Market Survey)
Figure 2-25: Average monthly rents for
one-bedroom and two-bedroom condominium
apartments and purpose-built rental apartments,
Toronto and Vancouver CMAs, October 2012
Type of apartment
Toronto ($) Vancouver ($)
One-bedroom apartments,
purpose-built rentals
1,007
982
One-bedroom apartments,
condominium rentals
1,436
1,299
Two-bedroom apartments,
purpose-built rentals
1,183
1,261
Two-bedroom apartments,
condominium rentals
1,592
1,662
Source: CMHC (Rental Market Survey, Condominium Apartment Rent Survey)

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Figure 2-26: Shares of single-detached freehold house sales and condominium
apartment sales by time held before resold, Vancouver CMA, 1985-2012
Year
Condominium apartment
(2 to less than 5 years) (%)
Condominium apartment
(5 to less than 10 years (%)
Single-detached freehold
(2 to less than 5 years) (%)
Single-detached freehold
(5 to less than 10 years (%)
1985
39.6
34.7
37.5
38.5
1986
33.7
33.5
34.1
38.9
1987
32.8
25.4
34.2
30.6
1988
34.2
21.0
33.2
26.3
1989
26.5
15.4
31.6
21.2
1990
27.1
10.8
32.4
17.8
1991
35.1
9.0
38.4
18.9
1992
40.0
9.5
40.0
21.9
1993
44.7
11.8
39.4
21.2
1994
46.9
13.8
36.5
27.0
1995
45.8
20.2
39.0
28.5
1996
51.9
22.1
37.5
33.3
1997
47.5
25.5
35.6
34.4
1998
42.6
31.1
29.5
39.2
1999
35.6
37.6
27.6
37.9
2000
33.3
39.2
25.1
39.5
2001
29.8
41.5
23.2
38.4
2002
28.3
42.2
21.4
37.7
2003
21.8
41.3
21.0
32.2
2004
24.0
31.4
21.6
26.7
2005
26.1
22.3
24.1
23.0
2006
27.9
17.9
28.6
19.4
2007
31.9
15.0
27.2
19.3
2008
32.8
15.5
28.4
23.8
2009
39.1
18.1
29.3
25.6
2010
42.3
20.5
27.7
30.1
2011
40.0
24.6
22.2
31.5
2012
37.4
30.1
19.5
29.8
Source: CMHC, adapted from Landcor Data Corporation

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Condominiums
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Figure 2-27: Completed and unsold condominium apartment units,
Toronto and Vancouver CMAs, 1993-2013
Date
Vancouver
(units)
Toronto
(units)
Date
Vancouver
(units)
Toronto
(units)
Date
Vancouver
(units)
Toronto
(units)
Mar-93
1,456
1,707
Aug-96
2,522
559
Jan-00
2,747
612
Apr-93
1,520
1,598
Sep-96
2,825
514
Feb-00
2,686
550
May-93
1,561
1,515
Oct-96
2,593
445
Mar-00
2,420
559
Jun-93
1,549
1,512
Nov-96
2,412
409
Apr-00
2,376
411
Jul-93
1,506
1,716
Dec-96
2,208
485
May-00
2,262
488
Aug-93
1,752
1,569
Jan-97
2,005
495
Jun-00
2,189
523
Sep-93
1,903
1,581
Feb-97
1,827
431
Jul-00
2,245
645
Oct-93
1,909
1,360
Mar-97
1,867
415
Aug-00
2,179
850
Nov-93
2,060
1,335
Apr-97
1,803
401
Sep-00
2,040
853
Dec-93
2,183
1,327
May-97
1,842
367
Oct-00
1,977
745
Jan-94
2,137
1,223
Jun-97
1,847
344
Nov-00
1,892
578
Feb-94
2,076
1,177
Jul-97
1,783
288
Dec-00
1,957
470
Mar-94
1,907
1,224
Aug-97
1,738
255
Jan-01
1,901
423
Apr-94
1,752
1,201
Sep-97
2,126
238
Feb-01
1,728
419
May-94
1,755
1,129
Oct-97
2,132
331
Mar-01
1,647
318
Jun-94
1,977
1,037
Nov-97
2,310
298
Apr-01
1,670
338
Jul-94
2,031
989
Dec-97
2,472
315
May-01
1,540
241
Aug-94
2,199
1,037
Jan-98
2,423
278
Jun-01
1,401
165
Sep-94
2,420
955
Feb-98
2,455
284
Jul-01
1,305
175
Oct-94
2,646
869
Mar-98
2,236
529
Aug-01
1,122
227
Nov-94
2,546
838
Apr-98
2,292
420
Sep-01
868
277
Dec-94
2,453
799
May-98
2,162
386
Oct-01
718
297
Jan-95
2,553
789
Jun-98
2,217
394
Nov-01
643
312
Feb-95
2,564
795
Jul-98
2,381
368
Dec-01
589
290
Mar-95
2,525
747
Aug-98
2,506
345
Jan-02
598
335
Apr-95
2,830
755
Sep-98
2,462
328
Feb-02
514
250
May-95
2,900
720
Oct-98
2,522
300
Mar-02
381
254
Jun-95
3,091
706
Nov-98
2,730
276
Apr-02
301
230
Jul-95
3,147
756
Dec-98
2,745
366
May-02
382
250
Aug-95
3,091
717
Jan-99
2,614
340
Jun-02
312
249
Sep-95
3,008
739
Feb-99
2,455
400
Jul-02
273
356
Oct-95
2,990
743
Mar-99
2,413
465
Aug-02
238
237
Nov-95
3,082
707
Apr-99
2,245
398
Sep-02
201
623
Dec-95
3,317
696
May-99
2,161
337
Oct-02
220
572
Jan-96
3,259
680
Jun-99
2,592
318
Nov-02
307
669
Feb-96
3,064
802
Jul-99
2,457
297
Dec-02
279
683
Mar-96
2,885
776
Aug-99
2,594
325
Jan-03
267
744
Apr-96
2,664
757
Sep-99
2,504
360
Feb-03
226
883
May-96
2,517
673
Oct-99
2,440
327
Mar-03
203
881
Jun-96
2,497
623
Nov-99
2,550
514
Apr-03
209
886
Jul-96
2,651
582
Dec-99
2,410
642
May-03
223
880

Page 39
Canada Mortgage and Housing Corporation
Canadian Housing Observer 2013
2-38
Figure 2-27: Completed and unsold condominium apartment units,
Toronto and Vancouver CMAs, 1993-2013 (continued)
Date
Vancouver
(units)
Toronto
(units)
Date
Vancouver
(units)
Toronto
(units)
Date
Vancouver
(units)
Toronto
(units)
Jun-03
133
802
Oct-06
80
929
Feb-10
1,671
597
Jul-03
114
997
Nov-06
67
924
Mar-10
1,563
585
Aug-03
124
1,026
Dec-06
86
953
Apr-10
1,524
1,059
Sep-03
136
1,040
Jan-07
85
981
May-10
1,629
1,053
Oct-03
152
1,170
Feb-07
131
1,026
Jun-10
1,774
1,399
Nov-03
149
1,155
Mar-07
185
1,022
Jul-10
1,758
1,467
Dec-03
141
1,291
Apr-07
190
514
Aug-10
1,711
1,703
Jan-04
123
1,215
May-07
169
422
Sep-10
1,893
1,710
Feb-04
71
737
Jun-07
160
362
Oct-10
2,053
1,691
Mar-04
37
638
Jul-07
170
318
Nov-10
2,100
1,459
Apr-04
86
518
Aug-07
171
348
Dec-10
2,042
1,391
May-04
69
611
Sep-07
153
253
Jan-11
2,003
1,429
Jun-04
58
723
Oct-07
164
259
Feb-11
1,648
1,445
Jul-04
68
779
Nov-07
185
396
Mar-11
1,490
979
Aug-04
57
652
Dec-07
152
372
Apr-11
1,467
887
Sep-04
71
701
Jan-08
197
375
May-11
1,665
863
Oct-04
108
1,110
Feb-08
231
373
Jun-11
1,530
1,161
Nov-04
107
1,092
Mar-08
236
522
Jul-11
1,433
1,047
Dec-04
124
1,136
Apr-08
307
640
Aug-11
1,475
1,231
Jan-05
109
1,476
May-08
283
618
Sep-11
1,459
1,259
Feb-05
101
1,462
Jun-08
267
726
Oct-11
1,345
1,273
Mar-05
88
1,793
Jul-08
304
758
Nov-11
1,410
1,283
Apr-05
93
1,438
Aug-08
298
487
Dec-11
1,506
1,213
May-05
69
1,577
Sep-08
325
346
Jan-12
1,735
1,322
Jun-05
69
1,520
Oct-08
393
362
Feb-12
1,606
1,363
Jul-05
43
1,506
Nov-08
480
385
Mar-12
1,665
1,394
Aug-05
44
1,396
Dec-08
554
416
Apr-12
1,699
1,406
Sep-05
44
1,110
Jan-09
569
397
May-12
1,690
1,409
Oct-05
45
1,014
Feb-09
543
322
Jun-12
1,635
1,381
Nov-05
62
1,051
Mar-09
407
382
Jul-12
1,549
1,394
Dec-05
133
934
Apr-09
468
383
Aug-12
1,628
1,483
Jan-06
95
780
May-09
480
419
Sep-12
1,447
1,391
Feb-06
90
753
Jun-09
706
321
Oct-12
1,519
1,519
Mar-06
60
1,130
Jul-09
651
329
Nov-12
1,472
1,589
Apr-06
89
1,116
Aug-09
643
341
Dec-12
1441
1,496
May-06
66
951
Sep-09
557
319
Jan-13
1,637
958
Jun-06
77
794
Oct-09
566
406
Feb-13
1,578
1,181
Jul-06
65
916
Nov-09
686
363
Mar-13
1,662
955
Aug-06
69
871
Dec-09
691
556
Sep-06
94
931
Jan-10
1,500
639
Source: CMHC (Starts and Completions Survey)

Page 40
Condominiums
Canada Mortgage and Housing Corporation
2-39
Figure 2-28: Months of supply of completed and unsold condominium apartments,
Toronto and Vancouver CMAs, 1997 Q1–2013 Q1
Year and
Quarter
Toronto, Months
of Supply (#)
Vancouver, Months
of Supply (#)
Year and
Quarter
Toronto, Months
of Supply (#)
Vancouver, Months
of Supply (#)
1997 Q1
1.4
3.5
2005 Q1
0.8
0.2
1997 Q2
1.7
3.1
2005 Q2
1.3
0.1
1997 Q3
1.6
3.6
2005 Q3
1.1
0.1
1997 Q4
1.0
3.6
2005 Q4
0.6
0.3
1998 Q1
1.0
3.3
2006 Q1
0.5
0.1
1998 Q2
2.1
4.0
2006 Q2
0.4
0.1
1998 Q3
2.8
5.0
2006 Q3
0.4
0.2
1998 Q4
3.3
5.9
2006 Q4
0.6
0.1
1999 Q1
1.1
5.2
2007 Q1
0.9
0.3
1999 Q2
1.0
7.5
2007 Q2
1.0
0.2
1999 Q3
1.1
5.1
2007 Q3
0.6
0.2
1999 Q4
0.7
4.8
2007 Q4
0.4
0.3
2000 Q1
0.8
7.1
2008 Q1
0.2
0.5
2000 Q2
0.8
5.6
2008 Q2
0.2
0.3
2000 Q3
0.7
6.1
2008 Q3
0.2
0.3
2000 Q4
1.0
9.0
2008 Q4
0.2
0.6
2001 Q1
0.9
8.6
2009 Q1
0.3
0.5
2001 Q2
0.8
6.2
2009 Q2
0.2
0.8
2001 Q3
0.3
3.3
2009 Q3
0.3
0.8
2001 Q4
0.5
2.5
2009 Q4
0.4
1.0
2002 Q1
0.3
1.3
2010 Q1
0.3
1.9
2002 Q2
0.2
1.1
2010 Q2
0.4
2.3
2002 Q3
0.3
1.1
2010 Q3
0.6
3.3
2002 Q4
0.2
1.0
2010 Q4
0.7
5.7
2003 Q1
0.3
0.8
2011 Q1
0.6
3.8
2003 Q2
0.3
0.5
2011 Q2
0.2
3.3
2003 Q3
0.4
0.3
2011 Q3
0.4
3.5
2003 Q4
0.6
0.4
2011 Q4
0.7
3.8
2004 Q1
0.8
0.1
2012 Q1
0.9
3.1
2004 Q2
0.4
0.2
2012 Q2
0.8
3.1
2004 Q3
0.5
0.2
2012 Q3
0.8
2.9
2004 Q4
0.8
0.3
2012 Q4
0.8
2.6
2013 Q1
0.8
2.8
Source: CMHC (Starts and Completions Survey)

Page 41
Canada Mortgage and Housing Corporation
Canadian Housing Observer 2013
2-40
Figure 2-29: Months of supply for resale
condominium apartment units,1 Toronto
and Vancouver CMAs, 2006-2012
Year
Toronto Months
of Supply (#)
Vancouver Months
of Supply (#)
2006
3.3
3.8
2007
2.4
3.2
2008
5.2
14.1
2009
1.8
3.2
2010
2.7
5.3
2011
3.0
6.2
2012
4.3
9.3
1 Calculated as seasonally-adjusted year-end active listings divided by the
seasonally-adjusted monthly sales rate during the fourth quarter.
Source: Toronto Real Estate Board, Real Estate Board of Greater Vancouver
Figure 2-31: Average and median MLS®
price for condominium apartments,
Greater Toronto Area, first half of 2013
Geography
Average Price
(thousands of
dollars)
Median Price
(thousands of
dollars)
Mississauga
267
253
City of Toronto, North
384
362
City of Toronto, South
804
613
Markham
333
307
Pickering
267
263
Clarington
191
184
Source: CMHC, adapted from Toronto Real Estate Board
Figure 2-30: Condominium apartment
average MLS® price change, Toronto and
Vancouver CMAs, 2008-2013 YTD1
Year
Toronto price
change (%)
Vancouver price
change (%)
2008
1.7
3.1
2009
4.4
-0.9
2010
9.6
9.2
2011
7.4
5
2012
1.7
-3.2
2013 YTD1
-1.5
-0.7
1 2013 YTD: Jan – Mar 2013
Source: CMHC, adapted from Toronto Real Estate Board, Real Estate Board
of Greater Vancouver
Figure 2-32: Average MLS® price
for condominium apartments,
Vancouver area, March 2013
Location
Average Price
(thousands of dollars)
Vancouver Downtown
708
Vancouver Westside
458
Richmond
354
Coquitlam
282
Surrey
268
Langley
201
Source: CMHC, adapted from Real Estate Board of Greater Vancouver, Fraser
Valley Real Estate Board