Greater Toronto condo market continues to slump

 

 

While demand is picking up in other Canadian cities, the Greater Toronto condo market continues to slump. Experts say that is unlikely to change anytime soon. According to the Toronto Regional Real Estate Board, about 1,400 condo sales were made across the GTA last month. That is a 23.5 per cent decline compared to March 2024.

Last year, lower borrowing costs have generally boosted the housing market. But with so many projects ready for delivery in Greater Toronto, buyers are unable to make good offers. This is causing problems. Real estate observers are describing 2024 as a record year for condo completions in the region. This has led to a sharp mismatch between available inventory and the number of buyers. Compounding the problem, the board said that condo sales fell by a fifth in the first three months of this year compared to the first quarter of last year.