Yes i agree its run its course... and as a final word until i see some facts, figures or polls showing the average new family will choose a condo as their main residence and not even bother to continue to save to move into a lowrise home as the final goal.... I can't see any evidendce your "trend" is anything more that personal opinion.adamtheman wrote: ↑Jul 18th, 2012 11:14 pmIn the end, if prices do drop, every property will suffer. I hope that you are correct and detached prices drop less than condos (which would be beneficial for me, as a condo renter). I'll give you the opportunity to have the last word regarding this and then maybe we can move on.
As for condos dropping most, again this is all going back to the basics of supply and demand. In a market correction, the item with the highest supply should see the biggest % drop in price. And seeing the ridiculous number of small condo units flood the market over the past 5-10 years, its not hard to predict these will be the first to get hit in a RE market drop.
% price drop would then trickle down through the supply line, ending with the detached homes and townhouses in the city which are currenly at the lowest supply level. The demand for basic housing will NEVER go away and in fact will continue to rise as people need to live somewhere regardless of if they own their own place or rent from someone who owns, so the lowest supply should see less of a market hit.
Of course this is great in theory, but when it comes to RE it is impossible to say as this market is based so much on emotional decisions.