toronto condos

Number of unsold Toronto condos now at 21 year high

The condo boom is as fierce as ever in Toronto. According to a report from the Bank of Montreal, a record 10,368 units were completed in the city last month, shattering previous totals. Analysts chalk the burst up to companies playing catch-up after construction delays in previous years, but the flood of finished units is expected to cause a ripple effect in the market.

Despite demand being high for new condos, there are now over 1,600 units on the market, a 21 year high. The saturation of available units should, BMO predicts, curtail the rise of condo prices in the city, at least for the time being. How long this will last,however, is harder to predict. Construction of new buildings isn't slowing down and other cities across the country are dealing with surpluses.

It seems like Toronto condo watchers are always waiting for the other shoe to drop, which has yet to happen even though words like "overbuilding" and "saturation" are thrown around with greater frequency. What do you think? Will construction of condos continue to outpace demand in this city?

Photo by Neil Ta in the blogTO Flickr pool


Join the conversation Load comments

Latest in City

Toronto anti-maskers say Cherry Beach chainsaw guys destroyed their DJ booth

Here are all the new bike lanes built in Toronto since last summer and ones coming

Out-of-towners test positive for COVID-19 after visiting Muskoka resort and restaurant

NHL analyst calls the CN Tower the Space Needle and Toronto can't take it

Good Samaritan presents cheque to Mississauga T&T employees after racist tirade

The worst summer storms and floods in the history of Toronto

Shoppers Drug Mart just opened its first medical clinic in Toronto

A guide to the secret tunnels hidden beneath Toronto