CORE Quarterly Q2 2018

CORE Quarterly // Jul 09, 2018

THE SECOND QUARTER OF THE YEAR SHOWED A RELATIVELY COOL MARKET. Inventory has grown quarter to quarter and year to year, while the number of closings across all unit types are down an average of 16% year to year. With the average negotiation rates in condos at 5%, and 8% in new developments, it is still a buyer’s market. Throughout the quarter, we have seen smaller units selling much faster than large, over-priced condos, and price cuts in both resale and new development listings. As a result, we see many developers building smaller units – new development studios went from 3% of the market share last year to 8% today. Downtown is still the most active area, in terms of both inventory and closings. There have been a breadth of new developments launching sales downtown, continuing to transform the area and draw residents further south.