The executive condominium market has cooled down after a slew of cooling measures were implemented in December 2013, which included the implementation of a 30% Mortgage Service Ratio (MSR), and a resale levy for second-time buyers. Tightened financing conditions have dampened demand, and the resale levy has deterred many upgraders. Even though the income ceiling for EC buyers has been raised from $12,000 to $14,000 with effect from Aug 23, 2015, there was no significant pickup in demand. One possible reason is that a large proportion of EC demand is from households earning $12,000 and below. As such, buyers are still very price- and product-sensitive, with demand skewed towards selected projects. Another reason would be that the adverse effects of the cooling measures still outweigh the benefits derived from the rise in income ceiling.