For the first time ever, more than half of investors in the GTA were losing money on their newly-completed condo properties last year.

That’s the finding of the Canadian Imperial Bank of Commerce and real estate research company Urbanation.

They say 48% of leveraged investors who bought pre-construction unit to rent out were cash flow positive.

For most investors though, rent generated by just completed units was lower than mortgage costs, condo fees and property taxes.

CIBC and Urbanation believe it’s a trend signifying a ”meaningful shift” that could signal a change in investor thinking as negative cash flow’s expected to get worse when condos pre-sold in the past few years reach completion.