High borrowing costs, record condo completions lead to oversupply in Greater Toronto
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- เผยแพร่เมื่อ 18 ต.ค. 2024
- Is Toronto’s condo market on the verge of collapse? 📉 With skyrocketing interest rates and a record number of new condos hitting the market, it’s no secret that the GTA real estate scene is facing some serious challenges. But is this a crisis, or a prime opportunity for savvy buyers? 🤔
In this video, I break down the latest trends in the Toronto condo market, including:
✅ High borrowing costs
✅ Condo oversupply & rising listings
✅ What this means for buyers & sellers
✅ Falling condo prices in the GTA
Whether you’re buying, selling, or renting, understanding these shifts can help you make smarter decisions in this dynamic market. Don’t miss out on valuable insights! 📊
💬 Have questions? Drop them in the comments below, and I’ll personally respond!
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📩 Email: maria@mariahomes.ca
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****All stats, data, house pricing, and anything else mentioned is always subject to change and is provided merely as an example at the time of this recording
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Maria Ho, MBA
Realtor ® | Team Lead
416-858-9006
maria@mariahomes.ca
iPro Realty Ltd., Brokerage
The only key factor is high real estate prices.
Even though condo prices are a bit softer for the first time in a long time, my concern is that they could get even softer in the coming year or two, because the whole reason the Bank of Canada is slashing rates again is because the economy isn't doing well at all. Unemployment in the GTA is running at 8% right now. Our entire economy is built on basically selling houses to each other, which is not sustainable. So, as a buyer, I don't feel comfortable stepping into the market right now. I'd rather wait until next year, and watch the economic conditions in the meantime.
I hear you and understand! It may take longer for the condo market to recover. Watch my next video about more rate cuts and the economy. In my many years, I have seen sudden rapid resurges of home buyers and sellers like a light switch, and the GTA has proven a very resilient market. It's impossible to predict with certainty and it will be very interesting to see how will unfold into 2025.
Bottom line is is that it's much cheaper to rent and appreciation is not there until that changes no condo sales
Prices are nowhere near affordable and nobody wants to buy a dog crate in the sky. I hope the market softens to mush.
How is in the Pickering condo market?? I have coming up next August 😱
Just a few short years ago per foot price was 300-$400. Speculation went wild and here we are. How funny would it be if we end up on a return trip back to $300-400 a foot? I think it would be so funny.
Hi. At night look at the lights on this condos and more than half are empty. It was a ford Nation plan that has failed. This is a bad, very bad investment. Very bad.
They would sell if it was reasonably priced.....people making 200k income can't afford a shoe box??? Yeah I'm put my money in the snp500
Im not paying so much for condos with ugly layout
I live in the U.S. and I know Canada is in a great recession, you guys don't know about it?
No, they dont tell us.