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In Victoria, for example, the average price of condominiums sold in October, 2010 was $323,522, while the average price of a single family home was $641,780, according to the Greater Victoria Real Estate Board.
"As one of few affordable housing options available to first-time buyers, the concept is poised for dramatic growth in years to come," Michael Polzler, executive vice-president for Re/Max's Ontario-Atlantic Canada operations, said in a statement.
"The lifestyle has also gained a foothold with younger, hipper audiences as the definition of home ownership evolves with the changing demographic," Polzler added. "Dreams of the small home with a white picket fence are being replaced by the funky loft apartment in proximity to shops, restaurants and entertainment."
Other factors driving the condo market include urban redevelopment, empty nesters seeking low-maintenance retirement properties and investors hoping to sell when prices appreciate, the report said.