"We're probably going to be in this soft type of environment for a couple of years going forward."
"We've got seven months of inventory, which is insane, and we just don't have the buyers to absorb it."
Canada's condo market, particularly in Toronto and southern Ontario, is facing a severe downturn, marked by soaring supply and plummeting demand. In April, Greater Toronto Area condo sales dropped by 30% year-over-year, alongside a significant price decline of 6.8%. Vancouver experienced a similar decline, with a 20% reduction in sales. Experts suggest this soft market will persist for years. Economists predict prices in the GTA may drop an additional 10% this year as unsold inventory rises, and buyers adjust their expectations in a saturated market, leading to altered financial dynamics for sellers and buyers alike.
Read at www.cbc.ca
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