Wednesday 11 September 2013

Cracks in the Toronto Condo Market

It may seem that everything is rosy with the condo market in Toronto as existing sales rebounded this past August, but that is just not the case.

Despite the comeback, BMO still suggests renting a condo instead of buying it. New condo sales are still an absolute disaster. Finally, in certain parts of Toronto, condo prices have been falling for the past year.

Case in point, downtown Toronto.

Specifically, condos east of Yonge Street have been falling for the past 12 months. Recent price declines (y/y) are nothing major, but still, if you are an investor and your return depends on condo appreciation, then you are already screwed.



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