Private resale prices may rise as housing stock declines, says expert

Condo completions will decline to around 5,300 units in 2025.

Private resale prices may grow further in the next few years due to a projected decrease in available stock for purchase, said OrangeTee.

Condo completions, excluding executive condos, have fallen from 19,968 units in 2023 to an estimated 9,100 units this year, according to OrangeTee.

Completions are projected to decrease further to around 5,300 units in 2025 and then see a modest rise to 7,700 units by 2026.

"Therefore, the prospects for resale homeowners seem positive due to the diminishing housing stock in the market and rate cuts, unless the market is impacted by major economic crises or unforeseen circumstances," OrangeTee said.

In Q3, resale volume rose marginally by 1.5% QoQ to 3,860 units.

The resale activity showed a strong recovery in the first nine months of 2024, with 10,351 units sold—up 21.8% from the same period in 2023.

OrangeTee attributed the surge in demand for resale homes to the increase in housing supply, with nearly 30,000 private homes completed over the past two years.