Quote:
Originally Posted by Calgary14
I don’t think the increases are relevant for condos. From the few I’ve looked at online they are having a hard time selling at their current prices. Mind you that’s only a few and not representative of all condos but from what I’ve heard condos aren’t going up like single family houses
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I think the condo market has a bigger backlog of people who wanted to sell in the past but ended up renting instead. So there is more supply coming on.
Also, I think often the condo market lags the single family market on the way up, because people who get priced out of a single family home buy a condo instead as a starter property. So it take awhile for that to play out.
I think the condo market is likely to begin moving up in the next couple of months.