A slowdown in the condominium market this year could help open the door to home ownership for buyers previously sidelined by soaring real estate prices, according to a study by Genworth Financial Canada and the Conference Board of Canada.
"In many cities condominiums are filling a need for relatively affordable housing close to the city core. Since prices for single-detached bungalows, for example, are pushing $500,000 in some Toronto and Calgary neighbourhoods and at least $650,000 in Vancouver, condominiums represent an important first step for many housing market entrants," the report says.
Unlike other Canadian cities in the study, Toronto's condominium market hasn't been driven by purchases made by people 55 and over, the report says.
"Rather the appeal of Toronto's condo market has been its relative affordability compared with single-family and semi-detached homes," the report adds.
Bumpy supply and demand has created big swings in the Toronto market recently, something expected to smooth out by the end of the year.
New apartment starts are expected to rise by 28 per cent in Toronto, the only market seen posting a significant increase after a 30.6 per cent drop in 2007.
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