The numbers are in and it’s official — Now is one of the best times to make a move on condominiums in the downtown core. After collecting data from our neighbourhoods, we’re seeing that prices for condominiums aren’t increasing as much as their counterparts. For instance, average selling prices for condominiums are up by only 8% compared to this time last year, while detached homes are up by 16% and semi-detached homes are up by 18%.
The average Days on Market for condominiums is hovering around the 15-day mark, 4 days more than semi-detached listings. While this may sound like bad news for sellers, it’s a prime opportunity for buyers to take the leap towards home ownership. Smart buyers can take advantage of the influx of inventory and have more negotiating power.
Our clients, especially first-time buyers and investors, are getting their dream condos at a better price than they would’ve earlier this year. For those expecting an economic recovery in 2021 — with a return to education, tourism and development — we predict that now through January 2021 will prove to be the sweet spot for condominium buyers in the downtown core.
