A new report from Royal LePage evaluates the economic and social factors behind increased condo activity in Vancouver, Montreal and Toronto.

Using numbers gathered from Statistics Canada’s National Household Survey, it indicates that the demand for new condos in the three metropolitan regions is significantly higher today than in recent years.

In 2011, condos comprised 14.9 per cent of the total households for these regions. Research provided by housing market economist Will Dunning suggests that should trends continue, this percentage could reach 43 to 53 per cent in the next 20 years.

Royal LePage attributes this increase in market activity to factors including low interest rates, city-centric job creation and shifting consumer preferences, like shorter commute times and proximity to amenities.

“The longer-term role of condos depends on several variables, including shifting demand patterns, pace of project completion and changes to mortgage rules,” Dunning says. “In the housing market, demographics are not always destiny, and various factors including the appeal of amenity-rich urban living and delayed childbearing have increased condo demand.”

According to the report, other factors affecting condo demand include an increase in single-income households, less space requirements, delayed marriages and higher incomes for women.