Last month I told you that a record month of condos sold in the month of May, 616 suites. Well, the month of June just broke that record as 681 condos were sold. This measurement is for the Downtown (C01) district. Here's the chart to show you how irregular this amount of sales:

Obviously, when there's a spike in the number of condos selling, this lowers the supply available for sale. Low supply and strong demand = rising prices. We're now solidly in a Seller's Market.

We're experiencing this as agents ourselves working with clients looking for condos and seeing suites go into bidding wars. Whenever we see the above Supply Demand Ratio at these levels, we see steady price increases in the months to come.

The median price for June was $422,500. If the demand remains at these elevated levels, I would expect to see median prices increase at least 1% per month until the ratio drops back down to a balanced market. Usually July slows down a bit but 2016 is full of surprises. The returning students in August absorb the entire rental market and also impact the condo supply under $450k or so. If you're looking to buy, save money by buying sooner than later.