May 04, 2024 7:00 AM2022 and 2024 may only be two years apart, but there's been a tremendous change in that short time. We've gone from a major housing shortage to a huge influx of new condos and flats; and on top of that, we still haven't grasped the full extent of how much the new ABSD rules might change things.
As most families target three-bedder condos of at least 900 sq ft big, this places a new launch at around $1.98 million, whilst a resale unit would be around $1.49 million. If you bought your second property when ABSD was much lower , you have good reason to be hesitant about selling today. While CEA has specified that realtors aren't allowed to do this, it's still a practice that's rife in the industry; and some realtors have opined that it seems especially in recent years.
One example may be this $2 million asking price for a DBSS flat; and while that's an admittedly extreme case, sellers do seem to retain high expectations over their flat prices. This is likely due to the meteoric rise of flat prices in the recent aftermath of Covid, and ironically due to the agents themselves, as their aggressive marketing to sellers hype up possible prices.