We know that what’s reported in the news about the Toronto condo market can sound scary. However, the value and trends data on Condos.ca tells us that most of what’s reported is not relevant to the resale condo market – the biggest problems are in the pre-construction luxury condo market.
For starters, there is an oversupply of units priced over $1 million. In one building in particular, over 70% of its units remain unsold and held by the developer. And most of the luxury condo buildings are depreciating in value, despite the fact that their neighbourhood values continue to go up.