Average GTA Condo Prices Dropped By Over 23K
A record number of condo listings (up 38 per cent year-over-year)
“Two years of record condo completions ahead, through 2026,”... according to housing analyst and Edge Analytics president Ben Rabidoux
Plummeting third-quarter condo sales (especially for new condos, which are at their lowest since 1995 according to Urbanation)
A 46.6 per cent surge in condos listed for rent in Q3, according to the Toronto Regional Real Estate Board (TRREB)
Unsold new condo inventory that’s 56 per cent above the latest 10-year average, per Urbanation
Surging days on market (up 43 per cent year-over-year)
Diving rents as those who can’t sell try to generate cash flow
“Deeply cash flow negative” rents for investors at 80 per cent loan-to-value — and that’s despite falling mortgage rates, says Rabidoux
More aggressive price discounting from developers who held back units (“Many were hoping they could sell them at inflated prices once the condo corporation was registered,” says mortgage broker Ross Taylor of Concierge Mortgage Group.)
Supply from the small percentage of panicked sellers who can no longer qualify for a mortgage on the condo they overpaid on a few years ago, often because it won’t appraise for the purchase price view more