By Mario Toneguzzi, Calgary Herald
CALGARY — More Calgarians will be looking to buy a condo in the coming years, says a new report by BMO Bank of Montreal released Wednesday.
The report, conducted by Pollara, examined intentions to buy property in the next five years among homeowners in four of Canada’s major city centres, and revealed that in Calgary prospects for condos among homebuyers has risen eight points from the fall (33 per cent versus 25 per cent) while intent to buy a traditional home has dropped from 71 per cent to 58 per cent.
In Toronto, 31 per cent of prospective buyers plan to purchase a condo in the next five years, up 11 points from the fall. Intent to buy condos in Vancouver has dipped by five points, from 33 per cent in the fall to 28 per cent. And 24 per cent of buyers in Montreal will be opting for condo living, down three points. However, intent to buy a house has risen sharply by 16 points, from 46 per cent in the fall to 62 per cent.
According to the Calgary Real Estate Board, year-to-date until the end of June there have been 2,034 MLS sales in the city’s condo apartment market, up 9.53 per cent from last year. The average sale price has increased by 6.91 per cent to $297,530.
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