If you are sitting the sidelines hoping for the condo market to crash, the Conference Board of Canada says you’ll have to wait. The report, released by Genworth Canada, the largest private provider of mortgage default insurance in the country, says the sector will avoid a major downturn because of population growth and employment gains which will drive demand and soak up supply, reports the Financial Post‘s Garry Marr. “Whether it’s first-time homebuyers entering homeownership, empty-nesters looking to downsize or professionals seeking a shorter commute, condos appear to remain a popular option for urban Canadians,” said Brian Hurley, chief executive of Genworth Canada, in a release. Critics are a little less sanguine, suggesting the condo market has already pulled back in some markets and could slide further as more units are built.

Source Financial Post