For the most part, condominium prices have remained relatively stable with the only notable exception being in the Intrawest Village. Several Village" condos sold in 2008 were significantly below their listed prices and were also below their original prices when sold new. On a postive note, rental occupancy rates for Village properties have been increasing steadily, thus providing an ever-increasing revenue stream for their owners. Recent financial statements for a Village properety I personally have listed for sale show an occupancy rate of 65% up from 55% a year or so earlier. We suspect pricing for these properties have now stabilized and will continue to increase provided the financial returns to their owners continue to improve. It should be noted that the aforementioned sale results do not include the sales of new condominium properties by developers such as Intrawest and others.
For further information on the local condominium maket please see the latest edition of my Georgian Triangle Condo Communiqué newsletter.