However, the report from the Conference Board of Canada, completed for Genworth Canada, argued that population growth and employment gains will assist in keeping the condo market afloat.
· Condo markets in Toronto and Montreal are cooling, but should avoid any major downturns as there is still a decent demand for condos amongst the Baby Boomer demographic.
· Vancouver’s market is already well into a slowdown and will benefit from population growth and the “rising share of condominium-loving empty-nesters aged 55 or more.”
· Predicts a 0.5 per cent decline in Vancouver resale condo prices this year to $364, 593. Montreal’s average resale price is expected to drop 0.7 per cent to $265, 344 and Toronto is forecast to see its average price remain the same this year at $305,239.