A recent academic study in the US indicates that condominium prices are affected by whether or not pets are permitted or prohibited in the condominium. The researchers came to the conclusion that there was a premium on prices for condominium units with unrestricted pet policies, while prices of condominiums with complete pet prohibitions were negatively affected.
The study was based on condominium sales in 2005-2007 in the Fort Lauderdale metropolitan area. In examining the date collected, the researchers looked at which pets, if any, were permitted and if there were any size restrictions on pets, as well as the size of the units. The researchers acknowledged that there was a significant retired population in the south Florida area where the data was collected.
While the research was limited to a specific geographic area, in view of the fact that in both Canada and the US the number of households with pets is increasing, it would not be surprising to see similar results in the GTA and elsewhere. In the past it was very common to see condo declarations for hi-rise buildings that prohibited pets – the thinking being that pets were somehow not compatible with hi-rise living. Fast forward to today where developers are building condominiums with pet grooming rooms as part of the amenities. By allowing pets in a condominium developers will not be excluding the pet-loving population from its pool of potential purchasers.