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Despite an increase in sales and a fairly brisk Spring market, we have entered the heat of summer with less than hot real estate market.

From a year to date perspective, sales volume is clearly up : 849 single family homes sold this year, up from only 620 last year at this time. Increased confidence in the marketplace has meant many sellers who resigned the idea of moving their holdings last year and waited for a sign of increased activity, have now began trickling that pent up inventory back into this years abundance of real estate offerings.

Total listing inventory stands at a total listing count of 5561 listings.. up over last years 5395…despite the increased level of sales. The single family market experienced 187 sales in May 2009, but with a total inventory of over 1800 homes for sale, it means a supply in excess of a 10 month absorption rate, which is typically a strong indicator of a Buyer’s market.

The condo market scene is even more supplied with an increase over last years inventory from 1082 to 1195 units listed for sale. We have seen a shift with many developers abandoning in-house marketing teams, or working cooperatively with the MLS system. Sopa Square and Copper Sky are a couple of recent examples. There are numerous other developments, which although were proudly promoted as SOLD OUT by developers near the completion of the building, are now over run with individuals attempting to dump the units they scooped up in hopes of making a profit… many of these individuals are now facing a tough decision- sell at a loss, rent with a monthly deficit or hang in for the long haul.

The diversity and selection of product is staggering, and I have started to make it a weekly habit of seeking out new developments and previewing the product selection, as it is clear we will be dealing with this inventory for quite some time.

The good news for buyers is that there are multitudes of fabulous deals to be had… Congrats to Sarah who just landed herself a hot condo buy - 2bd, 2bath 1182 sqft corner unit by Parkinson Rec for the low 170’s! This is certainly the happiest part of my job right now, finding the deals!

I have some excellent values in my inventory, and I invite you to check them out, or link directly to realtor.ca to shop the whole market. Feeling overwhelmed? This is definitely the kind of market to enlist the help of a real estate professional who will work hard to find you the right home!