Even with interest rates due to ease up later this year, people have still been extremely hesitant to purchase real estate in Toronto — especially condos, which are a perennial favourite of investors, first-time homeowners and all sorts of buyers.
And now, another concerning development, in the form of a new record for the city: the most resale condos on the market at one time, all of them awaiting buyers that just aren't coming. During that month, 5,797 condos were sitting on a market that most balked at given the sheer lack of affordability of high mortgage rates on top of the city's obstinately exorbitant real estate prices.
The number of sales last month equalled only 38.4 per cent of the number of new listings. By comparison, in April 2020, this figure was 42.4 per cent.