What do you see in year 2023?
Bulk of supply close to 20,000 units completing and owners collecting keys.
Some will rent out, some will own stay, some will sell.
These units will become part of the resale market.
Rentals could in fact drop due to the large numbers coming into the market.
If you’re planning to sell your condo, it’s good to review and look around your vicinity to see if there’s going to be a large supply coming into the market.
If there is going to be a better, newer project just next door that only costs $100k more, some buyers wouldn’t mind paying that extra as premium for the ‘freshness’ of it.
Again, the unit types also plays a part. Meaning if the next door project doesn’t have any 1 bedroom units. Then you probably don’t have to worry about it, if you’re selling your 1 bedroom.
Put yourself in the buyers’ shoes, if I don’t mind waiting an extra 6-9 months, I will get to stay into a brand new unit, where no one stayed before, it also fits into the same criteria compared to a side by side project, then why not I just wait a bit more?
Maybe I’ll get more options to choose from as well. At TOP, one visit down I can maybe look at 5-10 different units at one go to decide which unit is best fit to my criteria.