High borrowing costs, record condo completions lead to oversupply in Greater Toronto Area
Greater Toronto Area-real estate watchers say the combination of high interest rates and an uptick in new condo units coming online has led to an oversupply that will take time to balance out.
A report by Toronto-Dominion Bank economist Rishi Sondhi said sales activity hasn’t been absorbing supply fast enough, with July condo resales in the GTA down 25 per cent from prepandemic levels.
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