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Condo plethora prompts plummeting prices

Those looking to sell a condo are set for more woes.

Those looking to sell a condo are set for more woes.

Prices have already tumbled around 15 per cent from their peak because of a lack of demand, and now a large supply is about to hit the market.

Record building permits in March of 2008, will translate into empty condos in the fall according to real estate expert James Dewald.

"There doesn't appear to be the market to be able to fill those units, so that is probably going to create a bit of a glut in the market area," he said/

"Will there be another drop? Actually right now I would have to say, yes."

As for the extent of the hit, that is a little less clear.

"Nobody knows for sure how the sellers are going to respond; if it's a panic, 'I've got to get out, I've got to get out fast,' then it will drop significantly, maybe another 15 per cent. If it's, 'yeah we can wait this out, we are okay,' then maybe a two or three per cent drop."

 
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