Resale Condos and Vancouver Condo Market

housing market: Prices of resale condos actually rose the fastest that quarter, year over year, that they’ve increased in three years, up 6.8 per cent, he noted, according to Toronto Star. Vancouver condo market remains drum-tight because of healthy demand and, despite dropping sales, Calgary has relatively few unsold condos, says Guatieri. The evidence that supply is actually returning to more balanced territory, where supply is more in line with demand, is the fact that new condo prices continue to rise, albeit moderately, and sales of resale condos hit a new record in the second quarter of this year, he says in a housing note released Friday. Montreal, in fact, has the highest number of unsold condos in Canada, but builders are now pulling back on new projects. However, barring a shock to income or affordability, housing demand and supply will likely remain in sync. The biggest risk to the housing market would be a sharp increase in unemployment or interest rates that erodes demand. (www.immigrantscanada.com). As reported in the news.