Toronto’s condo market is in more trouble than you think.
“For a while, Toronto’s booming condo market seemed unstoppable: the average price almost doubled in just 12 years. This appetite for condos meant that proper planning, both at the design and urban levels, was farther down on the priority list, leading to problems that still couldn’t stop this runaway market. It took the one-two punch of regulating the short-term rental market and the pandemic to finally slow it down. They say that the bigger the bubble, the bigger the bust — based on the concerns being expressed by real-estate agents and investors alike, I’d wager that we are due for a massive correction.
It’s about damn time.