A new condo report suggests first-time buyers, retirees and population growth will continue to fuel demand and price growth over the next few years.
The study, conducted by Genworth Canada, found that average condo resale prices are expected to rise next year in seven of the eight metropolitan centres studied.
Prices in Toronto are projected to jump 2.5 per cent to $312,352.
The highest increase is expected to be in Edmonton, where prices could rise 3.2 per cent.
Vancouver is the only city where condo prices are expected to drop by two per cent to $348,152.
The report stands in contrast to warnings from economists and officials that the condo market in some hot markets is reaching bubble territory that could soon burst.
A stock photo showing condo balconies with glass panels. There have been several incidents of falling glass in Toronto over the past year-and-a-half.
New report finds Canadian condo market still on the rise
Irene Preklet
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