Yet all of that good news is mainly on the single-family residence side of the market. The story is significantly different on the condominium side of the equation.
Over the first six months of the year, the median price for condominiums has leveled off and sales activity for condos on the market has picked up. Still, the available inventory remains high and, therefore, units put on the market are staying there for a longer period of time than before; approximately 15 months. According to Gleb Nechayev, a senior economist with locally based Torto Wheaton Research, it takes, on average, twice as long for a condominium unit to attract a buyer today than it did three years ago. As a result, the overall vacancy rate for owned multifamily product is on the rise.
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