Toronto's condo market is in a tailspin and people are worried

It's been hard to find a pulse in Toronto's formerly-scorching real estate scene lately, but owners and builders in one particular segment are floundering the most: the condo market.

Some experts, like investment advisor and real estate writer Hilliard MacBeth, feel that the state of the condo segment could"sink the market" as a whole."A massive glut of condominium apartments in Toronto threatens to sink the housing market. Condos were gobbled up by aggressive, highly levered speculators as a way of participating in the housing boom with minimal capital outlay.

He continues to explain how first-time homebuyers have no interest in the micro-condos that are rampantly for sale, and that"few people want to live in" because they were designed with investors in mind.

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Toronto condo sells at $320,000 loss amid condo market woesA 37th-floor luxury condo in the heart of Toronto’s entertainment district that sold for a $320,000 loss is an example of a condo market that hasn’t been this tough in decades, Realtors and observers say.
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