Shortage of House Listings in Toronto could be boon for Condo Sales: Scotiabank

Here are some quotes from the latest report of Scotia bank
In a number of markets, including Toronto and Calgary, a lack of listings for single-family homes appears to be holding back sales. Sellers’ conditions continue to dominate the under supplied single-family market, lifting already high prices even higher. Buyers have more leverage in the more-amply supplied condominium market, notably in Toronto where prices are posting more moderate increases even amid strong demand. As a result, the price premium for a single-family home relative to a condominium continues to widen
The shortage of single-family homes for sale combined with strained affordability for first-time buyers will buoy resale condominium demand in the year ahead, though prices should be restrained by sizeable new inventory of recently completed units. (In contrast, sales of new condominiums, a large share of which are purchased by investors, are expected to be much softer.) Relatively tight market conditions could continue to pressure single-family home prices in many of Canada’s largest urban centres.