Prices traditionally spike in the spring, and hit their lowest in the winter. It's an old real estate cliche, but often true, that the best time to buy a house is the week before Christmas. Obviously there's a lot fewer buyers, and the sellers out there are really motivated to sell. Try to avoid the spring, although it has the greatest supply of houses, because the increased demand pushes up prices. It seems to me that with so many buildings being converted to condos the supply is going to increase rapidly.
Condos are red-hot in Toronto, and the concern of supply exceeding demand is a legitimate one.
However, as the baby boomers get older, they will be turning increasingly to condos for the convenience they provide, and their impact on the market hasn't even been felt yet. If you're a first-time buyer planning on buying a condo conversion, be very, very careful. Condo conversions aren't covered by the Ontario New Home Warranty Program, and that's something all buyers need to recognize. Pat, I see two issues to address. Properties that aren't principal residences are subject to capital gains tax, and non-residents need a clearance certificate from Revenue Canada before they can sell.