A couple years ago, it was quite common to see projects being switched from all Condos to all Rentals or a mix.
Now, the pendulum is swinging back the other way.
Inventory of condos available for sale downtown is quite low, less then 800 units are for sale right now, down from a peak of around 8,000. That’s right, the number of units for sale right now is less than 10% of what it was a few years ago, and is the lowest level since 1998.
Thus, investors and others who swooped in and bought up condos or whole buildings that were not selling in order to rent out, are now finding it more attractive to cash out — possibly just at the right time.
The reason I say that is because mortgage rates are still quite low, but some people are predicting they will rise rapidly in the coming year, possibly cooling the market.
What does that mean for you? If you are thinking to list or have been waiting to list, now might be perfect time.
I have helped dozens of clients list and sell their units in the past couple years and have had about 20 listings already this year. I would be happy to prepare a free listing presentation for your unit and advise on the potential market value. Feel free to give me a call!