May 17, 2016
A curious thing appears to be happening in the market in the tricities at least: the detached homes aren't selling at those recently inflated prices. So this year, to state the obvious, is not last year. It's als not the previous ( more than 2 years ago) normal. Realtors have, since January and February, have been pushing clients to list and achieve high sale to list prices and in that time it looked like an even frenzied version of 2015. And in January, February and March - they would have been right. But as more product owned by ever-larger numbers of retiring baby-boomers hit the market, the prices just aren't as attractive (not that they ever were recently). Houses are seen as over priced and are sitting on the market or selling for under asking - gasp! Oh the humanity!
But with the corresponding move of baby boomers to downsize or get into senior or retiree-friendly housing, it is edging out other buyers of the small properties - 2 bedroom condos and smaller townhouses. So for once the moms and pops and uncles and aunts are on the one hand possibly providing you with some capital to help fund your own mortgage albatross, but also beating you to buying what little that you can afford - which is not their house, but a starter property. It is hard to find a decent condo for less than brand new prices in this city now.
if you want one to rent? Well, fuhgedaboutit. Be prepared to over spend and go in with no subjects to even be considered with all the other same offers. If you are looking to sell your condo - Get in touch coz I know people who will buy. If you are selling to buy, my advice is : buy first. sell later.