Living
Condo Listings Surge 215% in Signal of Downtown Toronto Weakness
- ‘Crazy slow’ market sees sales ratio drop to early 1990s level
- Immigration slowdown, pandemic causes rents to slide
Benchmark prices for Toronto condominiums fell for a second-straight month in September.
Photographer: Brett Gundlock/BloombergThis article is for subscribers only.
Toronto’s thriving housing market is beginning to show signs of strain, particularly in a condo segment suddenly flooded with new listings.
September data from the Toronto Regional Real Estate Board and research firm Urbanation Inc. show a surge of units for sale, the beginning of a weakening trend for condos, along with a sharp decline in rents. That’s in spite of a boom in other segments such as single-family homes in Canada’s financial capital.