‘Condo Recession’ Spurs Developer Shakeout After Toronto’s Boom

Toronto is awash in unsold condos, but they just keep coming.

More than 8,200 units are sitting on the market, with prices already down 20% from the peak. Another 10,000 are on the way, too far into construction to be called off. It’s the growing hangover of a building boom that made Canada’s largest city home to the most construction cranes in North America.