GTA condo sales last month slid to 1,088, a drop of more than 60% from the same time four years back, as investors and other buyers continued to desert the market in droves.
Other property types – detached, semi-detached, and townhouses – are also seeing activity and prices contract sharply as economic unease and affordability challenges take their toll.
Still, none have been as dramatic as the condo market’s woes, which aren’t expected to end anytime soon.
Despite some cause for optimism in certain pockets of the Toronto real estate market, mortgage broker-owner Mike Kazarian of Lenders’ Choice Mortgages doesn’t see green shoots in 2026 for the condo sector – even though it will eventually recover.
“A lot of builders have stopped construction so inventories are going to be lower, and where are we going to house people?” he told Canadian Mortgage Professional. “That’s going to be the problem in the next three, four years. So I think the condo market will turn around – but that’s going to take time.”