Condo Demand Increasing

Article from Volume 3, Issue Number 1, 2022

By Lorena MacDonald | Other articles by Lorena MacDonald | Feature

Demand for Condos is increasing in Nova Scotia. After a period of time where developers chose to build apartment complexes, rather than condominium units, the demand is back and folks would rather own than rent.

Lack of residential inventory of any type has more buyers looking at condominiums as the housing option for them. The convenience of location and mixed-use buildings, are making this option more appealing to young professionals looking to purchase real estate. Busy schedules are making detached housing a bit too much work for many young real estate investors.

The recent surge in condo values has had many empty nesters stop and take notice as well. In the past we often heard couples say that they would look for a condo in a certain area or building when they decided to sell their home. Now to get ahead of rising prices, many of these buyers are purchasing the condo in the location they want, even though they have no immediate plans to move in. Fear of not being able to find the condo when the time comes or that the prices will have risen so much the unit they want won’t be within their budget.

Condo corporations are changing and it is important that Boards and Managers keep up. Young occupants and more rental units, can certainly change the dynamics. Many condo owners aren’t comfortable with change and Board members will need to work with everyone to make sure their corporation can be a good fit for all residents.

The demand for condos is Nova Scotia is certainly driving prices higher. Stats taken from the Nova Scotia Association of Realtors, show the difference between prices in January 2019 to the end of April 2022.