The September condo market continued to very active and provides good opportunities for both buyers and sellers.

Sales Prices

In September 2022, average sales prices were around $213,000 compared to $217,000 in September 2021. This is a decrease of 2%. However, the annual increase for condos for the entire year is at 1% UP.

Sales Volume

In September 2022, around 380 sales were registered compared to around 360 units sold in 2021.If sales volume for the last quarter equals that of last year, sales volume for the whole year will be around 700 units ABOVE last year or around 16% more than last year.

Days on Market

Condominiums sold in September 2022 after an average of 57 days, compared to 54 days in September 2021. This is not significant in my opinion.

Supply

Based on September sales there is a 6 ½ month supply of condos available for sale. We expect supply to stay level throughout the last quarter with potential for a moderate reduction as unmotivated sellers leave the market.

In general, anything less than four months of supply is considered a sellers’ market. Four to six months is balanced and anything above six months of supply is considered a buyers’ market.

Round Up

While condo supply stays above 4 months, I expect prices will be flat. However, if demand remains consistent and particularly is single family prices increase, the picture may change.

Look for my October 2022 report during the first week of November. Thank you.

About the author:

You can read more about the author of this blog by clicking this link - Stuart Neal, Team Lead & REALTOR®.

Our proven & affordable FIXED FEE home selling system gives clients the best combination of price & value for home selling services. To learn more, call our Team Lead Stuart Neal at: 780-760-2014 or visit our selling system page www.FixedFeeRealty.ca

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