Condo Market News - Creb October 1st 2021


Creb Condo Market News October 1st 2021

APARTMENT CONDOMINIUM

A boost in new listings this month translated into some gains in sales activity. However, with a sales-to-new-listings ratio of 58 per cent, inventories still trended up relative to the previous month and last year’s levels.


The months of supply remained just below five months in September, far lower than levels recorded last year and over the past five years. Conditions have generally been more balanced for this property type compared with other sectors, preventing strong price gains. On a year-to-date basis, citywide benchmark prices improved by nearly three per cent, but they remain over 14 per cent lower than previous highs.

TOWNHOMES / ROW CONDOS

With 318 sales this month, year-to-date sales pushed up to 3,057 units, which is 62 per cent above long-term trends and on pace to hit record levels this year. Sales have risen across every district, with the largest growth recorded in the South East district.


While new listings did improve this month, it was not enough to prevent further declines in Inventory levels. The months of supply remained relatively low at less than three months, which is well below traditional levels for this time of year. Tighter conditions have supported price growth across all districts so far in 2021. However, unlike the detached and semi-detached sectors, row prices remain below previous highs across all districts in the city.

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