Altus Group has released their latest Housing Report, with this edition focusing on the important and growing role that townhouses play in Canada’s new home sector.
Key highlights include:
- The role of townhouses in the new home market has been growing since the 1950s, however, recent new townhouse sales are down in Vancouver and the Greater Toronto Area, due to broader affordability challenges:
- Vancouver new townhouse sales have been declining, but this is more a function of the overall new home sales trends. Townhouses’ share of total new home sales increased to 23% in the first half of 2018, from 21% and 19%, in the first half of 2017 and 2016, respectively.
- New townhouse sales in both Calgary and Edmonton were relatively flat in 2017 compared to 2016. This year, trends have been mixed – with Calgary up in the first half of the year, while Edmonton new townhouse sales moderated.
- In the Greater Toronto Area (GTA), new townhouse sales have plummeted in the past 2 years – both in absolute terms and as a % of total new home sales (to just 7% of the total in the first half of 2018). Affordability and availability of single-family new homes remains an issue.
- Buyers of new townhouses are a diverse group, with a good mix across older as well as younger households, and between households with and without children
- The report also includes a historical look at the role townhouses have played in the new home sector since the 1950s in major markets including Vancouver, Edmonton, Calgary, the GTA, Ottawa and Montreal.
A full copy of the report is now available via the Altus Group at this link.