Family Condo Factoids - sidebar NOT used in Toronto Star story May 2, 2009
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FAMILY CONDO FACTOIDS
In the United States the National Association of Home Builders Multifamily Council regularly issues information on the Multifamily (Condo) Outlook. Among its findings is that:
• In multifamily buildings renters have more children than condo owners, but the magnitude of the difference varies by structure type. Fewer school-age children are found in buildings (rented or owned) with 20 or more units
• The highest number of children per 100 households is 90.8, which is found among households that have recently moved into newly constructed single-family detached rental units. The lowest number is 3.2 for newly constructed condominiums with 20 or more units.
• The National Association of Home Builders found that in hot metro markets - American cities that have retained a vibrant core -- investment buyers now account for 15 percent of purchasers of multi-family condominium units. Speculators are prone to flipping condos, even before the suites are completed.
• How long do new condo owners stay in their suites? The NAHB quote a 2009 study by Dr. Paul Emrath (Homeeconomics.com) which says that in the United States "move-out rates tend to be considerably higher among the condo buyers ... over 16% of condo buyers with children move out the very first year.”
• The same study shows that half of homebuyers in the US live in their house for over 15 years while half of the buyers of condos stay for just 6 years
FAMILY CONDO FACTOIDS
In the United States the National Association of Home Builders Multifamily Council regularly issues information on the Multifamily (Condo) Outlook. Among its findings is that:
• In multifamily buildings renters have more children than condo owners, but the magnitude of the difference varies by structure type. Fewer school-age children are found in buildings (rented or owned) with 20 or more units
• The highest number of children per 100 households is 90.8, which is found among households that have recently moved into newly constructed single-family detached rental units. The lowest number is 3.2 for newly constructed condominiums with 20 or more units.
• The National Association of Home Builders found that in hot metro markets - American cities that have retained a vibrant core -- investment buyers now account for 15 percent of purchasers of multi-family condominium units. Speculators are prone to flipping condos, even before the suites are completed.
• How long do new condo owners stay in their suites? The NAHB quote a 2009 study by Dr. Paul Emrath (Homeeconomics.com) which says that in the United States "move-out rates tend to be considerably higher among the condo buyers ... over 16% of condo buyers with children move out the very first year.”
• The same study shows that half of homebuyers in the US live in their house for over 15 years while half of the buyers of condos stay for just 6 years
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