Unless you really need to, I would not advocate that you sell your condo at this time. Unfortunately, we don’t see values improving anytime soon.
On the other hand, if you like the idea of condo life or if you are an investor this could be the time to buy. There is a large selection of condos for sale at bargain basement prices.
This is due to a chronic over supply relative to this time last year and because COVID 19 has made apartment style living and in the downtown core in particular less attractive.
We are betting however as we move through the final stages of this pandemic that condo living and investing in condos for reasons of convenience and affordability will turn the market around. Perhaps in 2 to 3 years time.
For now, however I wanted to share the stats.
Here is the pattern of supply based on my own analysis:
Here are benchmark prices based on information compiled by the Canadian REALTORS® Association (CREA)
To shop for ALL condos in the metro Edmonton area please go here Edmonton Area Condos for Sale
About the author:
You can read more about the author of this blog by clicking this link - Stuart Neal, Broker, REALTOR® & Team Lead.
For a personal consultation, call our broker owner Stuart Neal at: 780-760-2014 ext. 3.
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