The number of listings on market continue to remain low. Are folks all waiting for the deep freeze to end or betting that prices will continue their climb?
I'll be watching the listing numbers once the weather breaks.
The number of sales of condos and townhouses especially are up. CREB - "After the first two months of the year, both condominium apartment and townhouse sales increased by 28 per cent compared to last year." With such sales increases it won't be long before this segment also begins to surpass 2007 pricing as single family homes did last year.
With prices continuing the move, it isn't a surprise that more people are moving to condos and townhomes just due to affordability and availabilitiy since the rental market continues to be very very tight. With many older homes on inner city lots being purchased by developers rather than homeowners, the trend to tear down and build new also impacts available inventory.
As the market turns towards spring (and warmer weather I hope), there will also be a change to the rates for mortgages with less than 20% down. CMHC has increased the rates for mortgage insurance as of May 1, 2014.
One very bright note for the NW areas of the city, there has been a very recent announcement that work will soon begin on the sewer system upgrade and it will be completed earlier than expected. Bowness Sanity Trunk Upgrade.
Especially in this market many folks begin to ask whether they should buy first or list first when moving between homes and the decision on either side has its risks and rewards.