Bad News For Condo Buyers 2017

The current level for available condos for sale on MLS is an anemic 670 (C01, 2,3,8,9,10,11). This area is bounded by Lake Ontario, DVP, Eglinton Ave and Dufferin St.

Last year at this time 1,424 condos were for sale on MLS in the same region. This represents a 53% drop in available inventory. Last year was a very tough year for condo buyers with prices rising over on average 16.6 %.

Due to the serious lack of inventory for sale it appears that condo prices this year will likely rise in excess of last year’s 16.6%. I caution prospective buyers in delaying their plans to purchase as I believe this may permanently shut some people out of the market for a very long time if not forever.