Most Common Types of Homes Sold in London
Written by Kurt Gibbons, a fivewalls writer
Growth in 55+ segment support higher row or condominium demand
In London, the rise in households aged 55 and older will result in higher demand for row (townhome) or condominium starts (developments). Greater growth in the average sales price will cause a larger share of these households to sell their existing home and purchase a less expensive row home or condo. Demand for rows and condominiums will also be fuelled by the rise in the 25–34 age segment (looking for affordable housing).
Rental Housing to Increase in 2016
Demand for affordable rental housing is expected to increase within 2016. This again will be fuelled by the growth in the 25–44 and 55+ age segments. Affordable rental prices of $1250–1499 and $1500 will encourage higher rental starts (affordable pricing). The rise in international migration in London will increase the demand for rental housing starts as these new Canadian citizens will be looking for affordable housing.
Key Takeaways
- Demand for affordable housing will rise over 2016 — Most common type of home sold in London
- Demand fuelled by increase in 25–34 and 55+ age segment and increases in international migration
- Individuals aged 55+ will sell current home due to rise in sales prices and purchase inexpensive homes (row and condominiums)
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Sources: CMHC
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