2020 was dominated by a slew of new condo launches. If you were listening to the radio or browsing property portals, there wouldn’t be a single day where you wouldn’t come across two or three ads – minimum – for a new launch somewhere. In fact, private home sales were up almost 19 per cent in November 2020, mostly on the sheer number of new launches. And that has just continued – December 2020 had 1,233 units, while January 2021 had a staggering 2,087 new sales.
Moving forward though, things may change. We don’t mean a slowdown in sales volumes; if anything the momentum seems to be gaining. The difference is that this year, buyer attention may be turned toward the resale condo market instead – and here’s why:
The resale condo market has been gaining momentum since end-2020
The pick-up in the resale condo market was first noticed between September and October last year. At the time, transaction numbers in October were the highest seen since 2018: