Here are the statistics for last month:

The number of condos on the market decreased from 611 to 594... almost half as much inventory as typical.

The number of condos sold in October increased from 377 to 396 which is typical for October.

The supply and demand level indicates a continued Seller's market and predicts rising prices.

The median price of a downtown condo was very slightly up from $545,000 to $552,500. 

In October, the average price of a detached home fell back into the red for the year while condo prices increased. Condo prices are up 20% for 2017 while Homes are down 3.7%. That is an unprecedented divergence that is difficult to understand. There is not one thing we can put our finger on that is the definite cause of falling home prices but rising condo prices. Our best guess  falls into the 'Buyer pyschology' camp along with the impact of all the measures put in place from the lenders to calm the market. 

There are new mortgage lending rules beginning January 1st 2018 that many Buyers are trying to beat. Buyers will need to qualify at 2% higher than the rate they choose as a form of 'stress test' which will broadly decrease affordability. Buyers are trying to buy before then so they can afford the product they want. On the other side of the coin, Seller's are concerned these new rules will result in lower selling prices so they are also trying to sell before the end of the year. We expect this will help increase activity and it will be a busy market for the next 2 months. 

We do predict housing prices won't drop too much more in the coming months and we expect higher prices within 6 months.