Canada's biggest bank raises alarm on Toronto condos
Toronto's skyline is dotted with cranes thanks to the numerous new condo developments that seem to be springing up all over the place. And we're not the only Canadian city seeing an influx of these dwellings.
According to RBC, we might be throwing up too many new buildings, reports CBC News today. And these, along with existing, unsold units, could lead to problems in the real estate market. And while this could be an issue across the country, it could be particularly troublesome here in Toronto.
To note, per 1,000 Canadians, there were nearly six new condo units under construction in the first quarter of 2016, writes CBC.
While the number of unsold condos in Toronto is currently sitting at a 22 year low, supply is still slightly outweighing demand.
Are you concerned about Toronto's condo market? Let us know in the comments.
Photo by Lori Whelan in the blogTO Flickr pool.
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