Quote:
Originally Posted by stampsx2
What’s everyone’s take on where condo prices are going in the next ten years? The frustrating part is that they have been flat for the last decade while single family homes keep increasing. I fear that the gap between condos and single family homes will just keep getting bigger.
Personally i blame the city for building up and mandating stopping sprawl ten years ago. I think we are seeing the effects now with a single family home supply shortage.
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The City has approved and has over ten years worth of serviced land supply in new greenfield communities. A large proportion of that is single detached. There are currently more new communities building out at the same time than any time since the 90s. This is not a City-induced supply constraint.
The constraint is mostly the combination of material and labour shortages combined with record growth.
Multi family had larger vacancy as a result of outmigration of younger population during the downtimes. But that is catching up now and you will start to see price escalation. It has certainly happened on the rental side, for purchase is not far behind.