HomeMarket Realty Inc. Brokerage

With more balanced market conditions, the pace of year-over-year price growth was more moderate in September compared to a year ago. However, the exception was the condominium apartment market segment, where average and benchmark sales prices were up by more than 20 per cent compared to last year. Tighter market conditions for condominium apartments follows consumer polling results from the spring that pointed toward a shift to condos in terms of buyer intentions, said Jason Mercer, TREB’s Director of Market Analysis.

The relationship between sales and listings in the marketplace today suggests a balanced market. If current conditions are sustained over the coming months, we would expect to see year-over-year price growth normalize slightly above the rate of inflation. However, if some buyers move from the sidelines back into the marketplace, as TREB consumer research suggests may happen, an acceleration in price growth could result if listings remain at current levels, said Jason Mercer, TREB’s Director of Market Analysis.

In Vancouver the price decline was short-lived because the new policy only managed to affect buyer psychology: some prospective buyers sat on the sidelines to see how the tax would play out. Sales and prices are down for freehold only, condo prices are at record levels, rentals the same. Sales are down for a few months but wait for September record sales, buy before.

Condos are smaller and smaller, some entrepreneurs see the need and opportunity!