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Single ladies drive the condo market: power in small numbers

Dec 03, 2014

Single? It’s more common than ever and smaller condos are benefitting from single status

One-person households are expected to show the fastest pace of growth to 2036. It is the fastest growing category in Canada’s housing market as the population ages and more people live alone.

Home ownership is on the rise due to seniors becoming wealthier and young people delaying marriage and buying budget-priced one bedroom condominiums.

With the booming condo market, particularly Toronto, the one bedroom condo is basically what is selling and more single people living by themselves are women according to CIBC World Markets deputy chief economist, Benjamin Tal.

There are more one-person households than couples with children and it is expected to continue driven in large part by an aging population and in particular an increase in a number of widowed women living alone said Bank of Nova Scotia economist Adrienne Warren. A person living alone is still more likely to rent than own but that is changing fast.

University of Lethridge sociology professor Susan McDaniel said that also contributing is a growing desire for privacy. With all the social networking and Internet you can enjoy the privacy but be connected with family and friends easier.

The home ownership rate has increased in recent decades. Almost a quarter of them chose a condominium over other dwelling types.

Article courtesy The Globe and Mail


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