"It's going to be a while before the condo market is a great option for investors again, and until then, we're looking at a ton of inventory, decreasing values, and an increasingly strapped rental market."Last month, Toronto's condo inventory hit an all-time high. Units that would have been snapped up immediately just a couple of years ago, now aren’t moving.
The upside of this situation is that there's more choice for buyers, and, with some depreciation in value, prices are slightly more attainable. But affordability remains a significant factor, especially for units large enough to accommodate families. And not everybody wants to be in a condo, with a house remaining the Holy Grail of home ownership for the foreseeable future.
Eliminating the increased capital gains tax would help, though that's unlikely. Additionally, quite simply, our economy needs to improve. Even with the slight drop in the bank rate and the accompanying bump in consumer sentiment, the economy is struggling. People are getting laid off. Power of sales are on the rise and there's a potential election on the horizon… which could mean anything.
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