If you’re looking to buy a condo in Toronto these days, you’ll be glad to hear you will have more to choose from than buyers ever had before. And there won’t be any need for bidding wars.
But that might not be music to the ears of the city’s many investor-owners, who could see the value of their investments drop in the months ahead.
With the COVID-19 pandemic severely reducing the demand for rental housing in cities, and all but killing off Airbnb rentals, Toronto’s supply of condos for sale has shot up to record highs over the past few months.
The number of resale condos available in the City of Toronto more than quadrupled from around 1,500 before the pandemic to 6,455 in mid-October, the highest number ever recorded in the market. It has been climbing steeply upward from