Weekly Market Update, August 9/19

Wow that’s a huge bump in sales ..is i436 correct ?

Tony,

A lot of people rent because they can't get a mortgage to buy a house. Bad credit, no down payment, whatever.

Big jump in condo listings.

how is 14 listings a big jump in condo listings. I don't follow.

I wonder if the renters will figure out they're paying about double to rent condos rather than own and as America brings in negative interest rates late in 2021 the renters will be paying triple or quadruple to rent rather than own? The locals are coco-loco.

Oh... my mistake. Big jump in condo SALES!

Tony, I rent in a nice well managed older building with a view. Prices would have to fall by 50% or rents rise 50% before I would consider purchasing. Some of us have simply done the math and decided not to buy. There is presently at least 1 vacant unit looking for a tenant in my building and hundreds of brand new condos under construction in the neighbourhood. A lot has also just been rezoned and the developer is planning 3 towers of purpose built rentals. This will be over 1000 new units within a few blocks so I don’t anticipate much pressure on rental prices.

I don't understand why anyone would want to buy an apartment suite. Been renting a 1bdrm for 1k/month. Can't wait to get out lol. We have 20% dwnpymt for detached 350-375k but waiting to see what's gonna happen in next 6-12months economy wise. All cdn yields inverted now. Same with some other countries. Not lookin good globally.