As predicted in my previous newsletter, sales volume in the condo market settled down after the March 18^th mortgage rule change deadline passed. However, the market has remained reasonably well balanced since and prices are stable.  Essentially spring happened early this year and summer, especially in the first time buyer segment, has been quieter. However, the news from the rontline is that the quieter summer may also mean our first traditional “fall market” for some time. While it is not yet reflected in the official stats, this has personally been my busiest September since 2007. Where there is value, the market is reacting quickly to it and competing bids are commonplace, if not necessarily forcing the prices significantly over list.

The higher end of the condo/townhouse market during the same period behaved differently, as it was being fuelled less by move up buyers and more by those cashing out of the overheated detached spring market. As less detached homes came to the market this summer, I suspect that the high end condo market may soften again now as we head into the last quarter.