As we move into November, less inventory is coming online and the market is starting to tighten up. As such, I am continuing to see the market become more competitive when compared to previous months. If I am seeing any weakness, it is in the larger, more expensive family homes 1.5m+.
The condo market remains ultra competitive, although I am seeing a few more larger, quality units come on the market. This may be people who have lived in a condo the last couple years and are taking advantage of the dip in the freehold market. The current market is a perfect opportunity for condo owners to move into a house.
Another reason for the current market strength may be attributed to buyers pushing to secure a mortgage before their budget is slashed in the new year. The new mortgage regulations may also inflate the condo market further, and in my opinion, to an unhealthy level. The popular thinking is condominiums stand to benefit, as purchasers will be forced into the condo market because they have less money to spend.
I will be watching sales closely in the condo market over the next few months. It is a sector that is dominated by first-time buyers, and I am keen to see how tighter budgets and higher interest rates affect values.
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