As national housingmarket activity continues to weaken, condo market share is picking up. REMAXca | realestate realestatenews
, which examined six major markets across the country, including Greater Toronto, Greater Vancouver/Fraser Valley, Calgary, Edmonton, Ottawa, and Nova Scotia.
Both sets of data point to a lack of affordability that looms over housing in Canada. This is also reflected in the fact that “the lion’s share of condominium activity is occurring at lower price points,” according to the report. “Buyers should be cautioned that the current slowdown in sales activity is likely not indicative of a crash,” says Elton Ash, Executive Vice President of RE/MAX Canada. “Prices for condominium product have remained stable or risen in most major urban centres year-to-date. Conditions are balanced overall and, as such, buyers and sellers with realistic expectations should be able to achieve reasonable objectives.
at an unprecedented amount earlier this year, and many condo owners opted to rent out those properties instead. This reality has also helped to reduce condo inventory and keep valuations more or less stable in the GTA’s market and particularly in the sought-after Bay Street Corridor, Waterfront Communities, and the Annex/Yorkville areas.
In the Fraser Valley, sales were down more dramatically, falling 25.2% this year compared to last. RE/MAX chalks this up to a decline in demand in Fraser Valley markets following the pandemic.
Philippines Latest News, Philippines Headlines
Similar News:You can also read news stories similar to this one that we have collected from other news sources.
RBC under investigation by Competition Bureau over climate claimsBreaking from jefflagerquist Document shows Canada's largest commercial bank is under investigation by the Competition Bureau of Canada, after a complaint by environmental groups including Ecojustice.
Read more »
Lotto Max jackpot has never gone unclaimed this long, OLG says | Globalnews.caThere were several big winners in Ontario for Tuesday's Lotto Max draw, but the jackpot again stayed unclaimed. Friday's draw will be the second-largest ever.
Read more »
Canada imposes new Iran sanctions over human rightsCanada imposed new sanctions on Iran on Thursday in response to the government’s human rights abuses and destabilizing actions, the foreign ministry said in a…
Read more »
COVID drug in $450M deal with Canada failed to cut deaths, hospitalizations: studyResults of a major trial of the medication have cast new doubt over a deal to purchase and manufacture the COVID drug molnupiravir
Read more »
Toronto ranks second in Uber's top 10 wildest partying cities in CanadaWe like the nightlife, we love to boogie \u002D\u002D apparently.
Read more »
Canada sanctions 17 more Iranian officials amid unrest over Mahsa Amini death - National | Globalnews.caThe new sanctions list includes Mohammad Javad Zarif, Iran's recent longtime foreign minister, whom Canadian groups had asked to be sanctioned.
Read more »