A closer look at condos

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News of overbuilding in many major Canadian cities has observers and analysts questioning the stability of the country’s housing market.

Condos, especially, often show the first signs of weakness in a market. But with condo starts up in most parts of the country, 2016 could be full of good news for brokers, who certainly could benefit from the increased business. Winning that business won’t be easy, however.

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Typical condo purchasers tend to be first-time buyers and investors, whose deals are often challenging to finance.

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On the flipside, unabsorbed units are also up in certain areas of Canada – mainly those still recovering from low oil prices. Brokers might
see a decrease in condo deals as the market stalls altogether.

Still, as Canada’s population swells and the idea of condo living becomes more popular, the size – and price – of condos will also rise. Originators sticking it out in this segment could soon win penthouse-sized deals.

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