I just wanted to get the opinion of some other local agents that are familiar with the condo market. We all know this market has hit a speed bump, my question is how long before this "correction period" is up. Obviously nobody in here is a psychic so I am just asking for an opinion with an explanation.
Here's mine: I think it will be at least another 2 years before we see a condo market appreciation again. I am basing this solely on Market Trends, last month we had almost 23,000 condos on the market vs. 792 sales. The math equates to a 2 year supply. Not to mention some of the pre-constructions that will be hitting the market in the next 6 months. Any ideas on what may revamp the market? Tax Cuts, Casino's, Elections...
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