Title:Drivers of apartment living in Canada for the twenty-first century
Corporate Author: GWL Realty Advisors
Subject:Housing – rental
Publisher:GWL Realty Advisors
Place of Publication:Vancouver
Date of Publication:2010
Economic, demographic and social shifts are increasing the popularity of multi-family living in Canada. Specifically, the growth of the knowledge economy, which tends to be based in dense urban areas, combined with an increased interest in consuming experiences (rather than focusing on acquiring consumer goods) has contributed to a growth in demand to live in amenity-rich neighbourhoods within a short commute of employment—and in apartment or condo buildings. The following are some of the reasons this shift will continue and even accelerate in the coming decades. Apartment and condominium dwelling is now often a desired choice of many urban residents when multifamily living offers a commute and amenity advantage. Increased educational attainment of women (who earn almost 60% of all Bachelors’ and Masters’ degrees in the US and Canada) combined with increased female workforce participation has also contributed to rise of both the knowledge economy and of apartment and condominium living. Increasingly, families are choosing multi-residential living. With most families having no more than one or two children, a two bedroom apartment home can work well. Moreover, if both parents work, living in a low maintenance home with a short commute allows for more family time. Buying a home (including a condo) in close proximity to employment and amenities is becoming increasingly expensive in comparison to renting. As a result expect more 25–45 year olds to be renters in the coming decades.