Even though demand went through the roof during the pandemic for single-family homes, it appears that PricewaterhouseCoopers is still expecting Canadians to continue questing away from condos.
The report goes on to say that things should settle a little bit compared to the last few years, but demand will remain strong. This, of course, raises the issue of affordability even further as home prices continue to climb. To make matters worse, an RBC report already claims that the average cost of homeownership is 56.8 percent of a family’s income. So there is;t much room for prices to rise.
The silver lining out of all of this is that Condos have gotten more affordable as they become less desirable. However, the report claims that developers are more hesitant to start new projects because of that.
Overall, the report is bleak in its outlook and hopes that some form of government intervention can help address how unaffordable the market is becoming.