Condos are still doing exceedingly well, despite the pressure from the changes that the feds have made over the last couple of years. It’s interesting that the stats show an average of 51 days on market for the past 12 months (37 DOM for Oct/Oct), but our experience has been that they’re selling almost as fast as they go on the market.
There are always properties that are overpriced and unattractive of course, and in this type of market people will try to unload them. It’s always important to review the comparables! The condo sales statistics for October over October are wild – prices up 19% and sales up 22%!
Freehold home sales are up 2.7% on average for the year, but up significantly (12%) for October/October. Prices are up a lot too – about 7%, to an average price of $526,575 in October 2019. And they sold in 1/3 the time it took last year!
We’re happy to answer any questions you might have, particularly if you’d like info about your particular neighbourhood. The sales in one area or condo can vary a lot from the average for the city!