Here are the statistics for last month:

Over the last 5 years, the average number of condos on the market for sale in January has been 716. This past January, we had only 381 available. Inventory is very low.

Over the last 5 years, the average number of condos on the market that sold in January has been 234. This past January we had 183 sales, demand is lower than expected.

It's quite rare to see both low supply and low demand at the same time. It's easy to blame the anomalies on the slowest months of the year. A smaller pool of statistics is easier to influence. Although both numbers are abnormally low, as you can see by the above graph... they result in a more balanced market. 

The median price of a downtown condo was down significantly from $638,000 in December to $598,888 in January.
 

In January, the average price of a detached home rose from $1,145,892 to $1,174,134. Since January 2017, home prices are now down -12.2% while condos are up 30.1%. 

So the 2019 condo market is off to a slow start. The market dynamics are very unusual. Typically low demand would imply high inventory but today's slow market actually has low inventory, odd. So what will give? Will Buyer's return to the market pushing prices up or will Seller's put up their properties for sale and push prices down? I think Buyer's will return with the Spring, inventory will remain below normal and prices won't move much off their peaks.