Hopeful homebuyers across Canada may be in luck, as a recent report from Re/Max Canada highlights a significant surge in condo listings in various housing markets, not just in Toronto.

Significant Surge in Condo Listings

The national brokerage's national condo outlook, released on Wednesday, indicates that the number of condos available has 'soared' in recent months. Toronto has witnessed a notable glut in its condo inventory, with about seven months' worth of listings available. This increase is reflected in a staggering 52.8% rise in condo listings year-over-year as of August.

Inventory Increases Across Major Cities

But Toronto isn't the only city experiencing a rise in condo inventory. The Fraser Valley in British Columbia leads the way with a remarkable 58.7% increase, followed closely by Calgary, which saw a 52.4% uplift, and Ottawa's condo inventory, which rose by 44.5%. Other cities like Edmonton, Halifax, and Vancouver reported annual gains ranging from 7.3% to 17.7%.

Seller Strategies and Market Dynamics

Re/Max suggests that selling condo owners are seizing the moment in anticipation of a revival in buyer demand later this year, partially driven by expectations of interest rate cuts from the Bank of Canada. This expectation has fostered a slight improvement in housing affordability in some markets, as mortgage rates have tapered off while home prices remain stable or even decrease amidst sluggish sales.

Condos as a Key Option for Homebuyers

The condo market is particularly compelling for first-time and returning homebuyers. According to Re/Max, condos are not just steps toward homeownership anymore; they are increasingly viewed as a vital 'middle step' in Canada’s most expensive housing markets. In Toronto, the average condo price has dipped by 2% this year, a trend likely to entice buyers.

Price Stability in Other Cities

Conversely, other cities described in the report have managed to maintain their property values despite the influx of new listings. For instance, Calgary’s average condo prices surged 15%, with Edmonton seeing a 4% rise over the same period due to increased interest and migration to these vibrant cities.

Remarkable Sales Increase in Edmonton

In a remarkable shift, Edmonton experienced a staggering 37% year-over-year increase in condo sales during the first eight months of 2024—its best performance in five years. This boost has attracted both local and out-of-province investors seeking deals in Edmonton’s thriving condo market.

An Upcoming Wave of Opportunities

As the demand heats up, Re/Max Canada president Christopher Alexander suggests we might be witnessing 'the calm before the storm.' With expectations of a busier spring in 2025, aspiring condominium buyers might find themselves in a unique position to capitalize on a temporary glut of supply, facing less investor competition.

Expert Opinions on Future Pricing Trends

'Now is arguably one of the most favorable climates for condominium buyers in recent years,' Alexander stated, indicating that values may soon rise as the market adjusts.

Cautious Outlook for Toronto

However, while some experts are optimistic, others warn of potential further declines in Toronto's average condo prices. TD Bank economist Rishi Sondhi predicts a drop in the mid-to-high single digits until early next year due to subdued sales recovery and a lengthy absorption process of the current inventory.

Conclusion: A Unique Buying Opportunity

As the condo market becomes a hotbed of opportunities, potential buyers across Canada are poised for a significant wave of choices—could this be the perfect moment to secure your dream condo? Stay tuned!