Toronto condo market stalls as sellers, buyers face off
A recovery in Canada’s housing market looks set to be a drawn-out process, with Toronto’s condo segment fighting an especially heavy malaise.
“We have a lot of supply to work through in the city,” says Christopher Bibby, broker with Re/Max Hallmark Bibby Group Realty. “If we’re going after prices of previous markets, we’re stuck.”
Recently, Toronto’s condo supply stood 86 per cent higher than at this time last year, while sales tumbled about 25 per cent in the same period, Mr. Bibby says.
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