“There is a lack of liquidity on the condominium market. This prevents potential buyers from preventing this money or buyer from climbing on the market, possibly because their condominiums are not worth what they expected to be worth it.”
Selling an apartment in Toronto? It will likely be harder, say agents
A report published by the Regional Real Estate Board of the Toronto in May showed 21.7% by 21.7% in comparison with the primary three months of 2024 in the primary quarter of this 12 months. In the meantime, the brand new lists rose by 25.2%in comparison with the previous 12 months in comparison with the previous 12 months.
The sales of condominiums were 2.5%last month in comparison with the previous 12 months, roughly in accordance with the general sales trends for the household for the region. However, after the activity on the condominium market in May, this got here by 25.1% – in the world that exceeds the decline in sales for other sorts of housing. This month, sales decreased by 10.6%, the town houses had decreased by 9.8%and the homes with semi -fermenting houses were 0.3%lower from May 2024.
The real estate agent in Toronto, Vy NGO, described the condominium market as “brutal”, although the activity began to stabilize in relation to other properties. “I currently have several condominiums. It is very difficult to sell,” said NGO, a sales worker from Big City Realth Inc. “It will probably be the rest of the year (in) the next year. It will take a while to take it up again.”
Motivated sellers drive Vancouver Condo deals
In the Vancouver area, there have been 1,040 sales of condominiums last month, a decline of 16.5% in comparison with June 2024.
At the moment Dinani said that the market price for a successful sale of condominiums was ultimately “who is the most motivated seller in the neighborhood”.
“Some sellers are open -minded and in a position in which they want to sell and they are obliged to sell, and there are still buyers for these properties,” he said.
“But if you are in a position in which you capture your way of thinking at a certain price or a certain expectation and the market does not support you, we only encourage the sellers to meet the brakes and find alternatives. So you will stay in the house in the long term and rent the property if your financial situation then allows this and then visit again.”
