The condo market is in a shambles, and it’s getting worse.
According to Zillow, a Toronto-based real estate data company, there are about a million new condos under construction in the GTA each year, and the number of sales is at a 25-year low.
In the last three years, there has been only a slight uptick in sales, according to Zills, a unit of The Realty Group, which manages more than 5 million listings in the city.
But in the last month, Zillows said, the condo market has been in a “disorderly state.”
And while condo sales have been rising in the Greater Toronto Area, they are still at a relatively low level, in comparison to the overall market.
The condo rental market has also been a “giant drag on the overall condo market,” Zillowers Chief Economist Mark St. Clair told the CBC.
“This is a very large market and there’s a lot of people looking to buy them.
And theres a lot more demand coming in, which is pushing them to sell.”
There are plenty of reasons for this.
For one, the market is saturated.
As sales go up, so does supply.
And that is something that’s driven by the high-end condo market, where there are a lot fewer sales than the rest of the market.
Zillovis numbers show that the percentage of new condo listings is rising, with the number going up by 9 per cent in the past year.
But there are also lots of new condos available, with more than 6,500 currently under construction, and they are also a lot cheaper.
This is something Zillowitz wants to change, and he’s working to bring that change to the Toronto market.
“The supply of new and existing condos in Toronto is in the worst shape it’s been in over a decade,” St. Claire told the Toronto Star.
“We are seeing a tremendous demand from buyers in the market, and that demand is leading to higher prices.
But we need to see this shift in the supply of these new units to drive demand and increase demand for new condos.”
And the way to bring supply back to the condo rental sector is to allow more people to take advantage of its low rates, he said.
But while condo prices are down, demand has remained strong, and people are buying and selling as they normally would.
The average price for a new condo in the Toronto area has been going up, according a report released last week by the Toronto Real Estate Board.
And St. Clare says that’s going to continue to increase, as demand increases.
“It will take a lot to bring the supply back,” he said, adding that the average sales price of condos has been increasing since 2011, when the province imposed a tax on foreign buyers, and condo sales are now at record highs.
In addition to the increase in condo sales, there’s also a “huge demand” for new condominiums, according St. Clairs.
He says that people are willing to pay a little more for the same unit of space, but they also want more room to walk, play or just relax.
“I think that the demand for condominium sales has been very strong, but it’s also been very, very expensive,” he says.
“If we don’t get a real, meaningful change in condo prices, we’re going to see more condo sales.”
But the real problem, according the Toronto Board of Trade, is that condo owners are losing out to foreign buyers who can offer more than twice the price of their own units.
This can lead to a “cluster effect,” where some units go for as little as $3,000, while others are priced at $4,000 or more.
“With the increase of condo prices there’s just not enough supply to keep up with demand,” said Toronto real estate broker and analyst Joe DePaola.
“There are a whole lot of condominium properties sitting on the market right now and that’s creating a huge supply issue, which makes it hard for sellers to compete and pushes prices down.”
In Toronto, the issue is especially acute for condo owners in the inner city.
There are already plenty of condottiere vacancies, with many condo buyers thinking about buying in the surrounding areas.
That’s why condo brokers have been trying to find new condos in the suburbs, which are typically much more affordable than the suburbs in the rest a large part of the GTA.
However, some condos are going for significantly more than their listings, and this is another source of pressure on the condo markets, said St.
“For condos in that market, it’s really going to be a struggle to keep the market up,” he told the Star.
He believes that condo prices will only keep rising if condo owners and developers get the support they need.
“They’ve been pushing for the province to create a tax credit for foreign buyers in condo developments and