Condo towers under construction at the Oakridge Park shopping centre redevelopment, in Vancouver, on Nov. 23, 2023.DARRYL DYCK/The Canadian Press
A new report says condo inventory is on the rise in most major Canadian markets as more sellers are listing their properties in anticipation of growing demand from buyers.
The report by Re/Max Canada, which examined condominium activity from January to August of this year, found B.C.’s Fraser Valley led year-over-year inventory growth at 58.7 per cent, followed by the Greater Toronto Area at 52.8 per cent and Calgary at 52.4 per cent.
While most regions saw sales decline from last year over the eight-month period, Edmonton posted a 36.7 per cent sales increase, with 3,351 properties changing hands. The GTA, Greater Vancouver and Fraser Valley each recorded sales declines of more than eight per cent.
Re/Max Canada president Christopher Alexander says by spring of next year, “pent-up demand is expected to fuel stronger market activity, particularly at entry-level price points,” after high interest rates and stringent lending policies kept many buyers on the sidelines.
The report warns that Toronto, where oversupply and lagging demand have plagued the condo market, may be the last market to emerge from sluggish conditions.
The GTA was the only region where average condo prices declined year-over-year – a 1.9 per cent drop to $732,648 – over the period, while Calgary led the way for average price growth of 15 per cent to $347,203.