Transit Oriented Developments are expected to become one of the key considerations for a purchase

The total supply increased by 9.5% (YoY) to 217,530 condominium units, representing an added supply of 4,805 units in the second half of 2019. With this massive supply, it takes time for the market to absorb the excess supply. Existing supply was dominated by the middle segment at 36.6%, followed by the upper-middle at 28.1%. 

Demand has been quite slow as it was reflected in the modest sales rate of the proposed supply at 54.1%. The condominium market has remained challenging given ample new supply in the pipeline during 2020-2023 at 45,846 units, representing 21% of the existing stock and the secondary market.