2017 is one of the most unpredictable markets we've ever had. First the numbers...

The number of condos on the market continued to increase, from 737 to 763. This small increase still results in lower inventory levels than expected.

The number of sales decreased from 571 to 461. This number is now about what we typically see for June.

So a rise in inventory and drop in sales has calmed the market a little but we're still technically in a Seller's market.

The median price of a downtown condo was very slightly down from $543,000 to $535,000. I think we're seeing the market level off right now and I think prices will be very flat until August/September. Then the Fall market will begin with all the Students returning to the city and devouring the rental market and purchasing entry level units which will push prices up.

I think this is the big unreported, and almost unbelievable story of 2017... the resilience of the condo prices vs detached home prices. Even with all the new construction projects adding about 17,000 condo units per year, and no land left to build affordable detached housing, it's the condo prices that are showing strength. For once, the price gap between condos and houses is shrinking making the jump more affordable.

On the street, we're still experiencing many bidding wars with 4-5 Buyers offering on desirable smaller units downtown. It's slowed down more in the larger units in the $1m price range but sales are still steady. Condo prices are down about 8% from their April peak but year over year, they're still up 24% from last June.