This spring market is proving to be full of surprises. There was an all time record for the number of condos sold in the Downtown (C01) district. There is usually about 400 condos sold in the month of May on any given year. In 2016, there were 616 condos sold! You can see how irregular that is on the graph below showing the last 11 years of Condos Sold per month.

As expected, having so many condos sell so quickly will put upwards pressure on prices. We had a significant jump in February which is being supported by the strong sales activity this Spring. The median price of $425,000 is holding and seems to becoming the new normal.

The strong sales activity is also reflected in the Supply/Demand ratio having moved much closer to a Sellers Market.

Believe it or not, this is indicating that we're back to seeing a shortage of condos available for sale. This is despite all the new construction condos completing and adding inventory. Each August, there is a jump in demand from all the students entering downtown which spikes the rental market but also the resale as some parents can afford the investment for their children. 

Considering that is only a couple months away, I see no reason for prices to decrease in the meantime. With a shortage of condos for sale and so many active buyers, we should only expect prices to continue to climb.