TORONTO CONDO PRICES HEADED FOR DECLINE

Mar 10, 2014

By AM740 Staff

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Eight per cent, that’s how much condo prices in the Greater Toronto area are expected to fall over the next two years. Toronto Dominion Bank economists took an in-depth look at the housing market here in Toronto and came up with the eight per cent estimate in its latest housing report. The report says that new condos are competing with older ones, which are generally larger and cheaper. This comes at a time when the high-rise segment of the market is facing excess supply. About 70,000 units will be completed during this year and next with 9,000 still unsold. The TD economists say that neighbourhoods that have more detached houses should perform better going forward than those with a higher concentration of condo towers.

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