In two of Canada’s most expensive cities, more condos were built than ever — and sales are plummeting.
Some of Canada’s biggest cities are seeing a sharp drop in condo sales due to high interest rates and the chilling effect of tariff uncertainty, reports Gigi Suhanic in Financial Post.
According to the Canada Mortgage and Housing Corp. (CMHC), an industry group, condo sales in Toronto were down 75 percent, while sales in Vancouver were down 37 percent. In Toronto, “pre-construction inventory was 14 per cent higher in the first quarter that in 2022 and would take almost six years to sell at the current pace of deals.”
While this could be good news for those who can afford to buy now, the cancellation of projects could lead to a housing shortage long-term for buyers as well as renters. “The national housing agency estimated that Canada needs to build roughly 3.5 million additional units by 2030 to fill the housing affordability gap.”
FULL STORY: Posthaste: Toronto condo sales drop 75%, leaving investors bleeding cash, CMHC says
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