Canada's condo market, particularly in Toronto and southern Ontario, is facing a severe downturn, marked by soaring supply and plummeting demand. In April, Greater Toronto Area condo sales dropped by 30% year-over-year, alongside a significant price decline of 6.8%. Vancouver experienced a similar decline, with a 20% reduction in sales. Experts suggest this soft market will persist for years. Economists predict prices in the GTA may drop an additional 10% this year as unsold inventory rises, and buyers adjust their expectations in a saturated market, leading to altered financial dynamics for sellers and buyers alike.
We're probably going to be in this soft type of environment for a couple of years going forward.
We've got seven months of inventory, which is insane, and we just don't have the buyers to absorb it.
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