By Alex MacPherson – Saskatoon Star Phoenix – June 9, 2016
“Basically, you’ve got a ton of condo conversions that were sold, maybe to speculators, during the boom times, and some of those are being unloaded now,” said Norm Fisher, a veteran real estate agent and owner-broker at Royal LePage Vidorra.
“Combine that with maybe an overenthusiastic construction market that has really sort of overbuilt apartment-style condos the last few years, and that adds up to lots of inventory.”
The market for sub-$250,000 apartment-style condos currently has more than nine months worth of unabsorbed inventory, compared to about four months for the “healthy” single-family home market, Fisher said.
Excess inventory has caused prices to fall to near the five-year low. In June, the Multiple Listing Service (MLS) benchmark for a 900-square-foot, two-bedroom apartment was $201,800, down 9.6 per cent from the $223,300 recorded in June 2015.
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