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ARTICLE · 02 AUGUST 2016

Common Ground: Retail & Commercial Condominium Financing

McInnes Cooper
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The condo real estate market, both retail and commercial, is hot. But condo developers and unit buyers need funding.

CanadaReal Estate and Construction
Anthony Tam
Anthony Tam
Elias Metlej
Elias Metlej
Michael Drake
Michael Drake

The condo real estate market, both retail and commercial, is hot. But condo developers and unit buyers need funding. Here's the legal foundation of condos and the special risks – and risk mitigation steps – for condo lenders.

CONDO FOUNDATION

According to CMHC in 2013, between 1981and 2011, owner-occupied condos increased from 171,000 to 1.154M plus 461,000 rented condos, a growth rate nine times faster than owner-occupied homes and quadrupling its share of the home-ownership market. Condos are particularly popular with seniors and young adults:

  • 19% of condo owners are under 35 (11% of homes).
  • 29% are 65 or older (23% of homes).
  • 42% of condo owners live alone.
  • 28% are couples without children.

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