Unsold units signal trouble in Toronto condoland

Sales of new and as-yet unbuilt condominiums have fallen to decades-long lows in recent months, but a looming and more urgent issue is what to do about thousands of complete or nearly complete unsold apartments and townhouses.

“You’ve got almost 96,000 units under construction, due to complete and deliver over the next three years,” in the Toronto-region according Fraser Wilson, a former senior vice-president with preconstruction sales experts International Home Marketing Group. It was industry standard that perhaps 20 per cent of those units went unsold when those projects launched between 2018-2022. Now though, his contacts in the industry are finding that the amount of unsold product is increasing as more and more buyers walk away from their purchase contracts.