The condo market in Toronto is severely slowing down. As compared to the previous year 80% more listings, the condominiums quantity for sale has increased dramatically. The problem is that purchasers aren't genuinely interested.

What's Causing the Delays? 

High interest rates:  buyers face difficulties in affording condo houses due to high interest rates.

Vanishing Investors: Condo ownership isn't as appealing to investors as it once was due to rising interest rates and stagnating rents.

Tiny Units: A lot of the newly constructed condominiums are compact studios and one-bedroom apartments, which are great for investors but not the best option for families or young professionals search a larger living area.

A lot of sellers are refusing to go below the high prices they previously saw, which makes condominiums even more out of reach for prospective purchasers.

Many prospective purchasers are priced out of the market due to high condo costs and interest rates.

Future: Will It Take A While?
Experts anticipate a wait; it may take up to a year for the market to recover for sellers.
First-time buyers' affordability will increase when mortgage rates decline.
To appeal to a larger spectrum of customers, the market needs a greater choice of unit sizes.