March 2025
Welcome to this brand-new world! It is still a buyer’s market as I am seeing price reductions every day. Pre-construction is at an all-time high and I am thinking that the demand is not matching the supply. We have a total of 2713 pre-construction condos on the market and 982 existing condos.
My deal of the day is this (remember this my bi-monthly email is going to all of my clients) so it may be way off your criteria.
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This well-kept 3 bedroom and 2.5 bathrooms townhouse that is in a gated community with two common pools and in turnkey condition. Approximately 8-minute walk to the beach and numerous restaurants, bars and shopping. All this for $299,000 US.
Now back to the market. I feel that looking at the numbers and talking to agents every day that it is almost like the feel of a pandemic however it is not as bad as there are plenty of people that are here. In my opinion we are caught in a cycle of three separate issues,
- The American Government has Americans dizzy with uncertainty.
- The Canadian Dollar is low due to many factors, but the main one is the threat of tariffs and annexation.
- Developers here made construction decisions two to three years ago when the market was hot however now there are just too many pre-constructions.
So, If I look at the pandemic that occurred a few years ago, the beginning of the pandemic was the best time to buy as there was so much uncertainty of the future so with that knowledge, I believe that right now is the best time to buy as we have the same realities of uncertainties. When the tariffs and the other issues are gone then demand will increase along with prices.
If you know you are buying and have the funds, then this is the time to make an offer. If you want to sell this is not the best time.
Let me know if you have any questions or if you are heading down here to buy me a beer.
Take care,
Gerard Allard