The offer of condominiums in the largest markets in the country could see significant increases in the near future, but in general, young professionals and families that start will continue to prefer single-family homes, has argued a policy and business columnist Globe and Mail.
Although well-intentioned, a federal policy focused on increasing the availability of low-cost condo units in downtown areas “may have inadvertently encouraged urban sprawl by forcing more Canadians to look further into the suburbs to realize his dream of owning an individual property. “The family home with a patio,” Konrad Yakabuski wrote in his last column.
“Extending the amortization period of insured mortgages, easing the stress test introduced last year or increasing the $ 750 tax credit for first-time buyers could encourage more millennials to buy a condominium, the only type of property within financial reach. “he added. “But since most millennials finally aspire to buy a single-family home, it’s worth asking if Canada needs more condominiums at this time.”
One should not look beyond the Greater Montreal to witness the evidence of the phenomenon. The updated figures provided by the Quebec statistics agency showed that almost 24,000 residents, a significant proportion of whom were young households, moved from Montreal to suburbs and residential neighborhoods in 2018. This was the largest migration out of the core since 2010 .
“Attempts by urban planners and policymakers to condition Canadians to accept condominium life as a permanent state in life have not prevented millennials from dreaming about the dream of the suburbs,” Yakabuski said. “After all, Mr. Moreau, that box of 500 square feet in the sky gets tired after a while.”
The most important thing is that younger Canadians are willing to take their mobility into their own hands if that means having their own suburban, single-family property, “preferably with a large yard for their children, while they have some money left for them. travel or make socks. ” away in a retirement savings account. ”
“More Canadians than ever are driving to work, proof that efforts to promote public transport and densification have not managed to kill the dream of a house in the suburbs,” Yakabuski said, citing StatsCan data showing a turnout of 80. % of the population.