, 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.