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Global News
6 days ago
- Business
- Global News
Canada's weak condo market leaves potential house buyers ‘kind of stuck'
While optimism is building in some parts of Canada for a rebound in the real estate market, condominium dwellers wanting to move up to a larger space face tough choices amid little sign of improvement for that segment. Cities like Toronto and Vancouver have seen condo sales drop off, if not stagnate, in recent years following a rush of new supply opening up and plummeting investor demand. For some regions, that marks a divergence from the overall real estate picture. Many industry watchers are now forecasting a turnaround in the housing market in the coming months after the first half of 2025 was plagued by economic uncertainty related to tariffs and job losses. It's left those looking to leave condo life behind and upgrade to a house in a tough spot: sell now at a lower than anticipated value, or wait out the storm. Story continues below advertisement 'They're kind of stuck,' said Victor Tran, a mortgage and real estate expert for 'They hoped to bank on the appreciation of the condo in the coming years so they can pull that money out and use that as a down payment to upgrade to a larger home. But the money is just not there anymore.' Since 2022, condo apartment sales have dropped by 75 per cent in the Greater Toronto Area and 37 per cent in the Vancouver area, respectively, said a report last month by Canada Mortgage and Housing Corp. Meanwhile, inventories have more than doubled and prices fallen in those regions. The national housing agency said the condo market is expected to remain weak as completions 'remain near record levels and demand remains subdued.' It added there is little evidence to suggest price declines will quickly reverse 'given the national and global economic outlook.' 2:29 Unsold condos piling up in Metro Vancouver 'There are certain (situations) where sellers have just decided to hit the sell button and take a loss on their condos, unfortunately, and just move on,' said Adil Dinani, a Vancouver-based real estate agent at Royal LePage West Real Estate Services. Story continues below advertisement 'There's a lack of liquidity in the condo market, so that's preventing potential move-up buyers from reallocating that money, or buyers from moving up in the market, potentially, because their condos aren't worth what they expected them to be worth.' Get breaking National news For news impacting Canada and around the world, sign up for breaking news alerts delivered directly to you when they happen. Sign up for breaking National newsletter Sign Up By providing your email address, you have read and agree to Global News' Terms and Conditions and Privacy Policy A report released by the Toronto Regional Real Estate Board in May showed condo apartment sales in the Greater Toronto Area were down 21.7 per cent in the first quarter of this year compared with the first three months 2024. Meanwhile, new listings in the quarter were up 25.2 per cent year-over-year for that segment. Condo sales were down 2.5 per cent last month on a year-over-year basis, roughly in line with overall home sales trends for the region. However, that came after activity in the condo market declined 25.1 per cent in May — far outpacing the drop in sales for other housing types. That month, detached home sales declined 10.6 per cent, townhouses were down 9.8 per cent and semi-detached homes ticked 0.3 per cent lower from May 2024. Toronto-area real estate agent Vy Ngo described the condo market as 'brutal,' even as activity has started to stabilize when it comes to other properties. 'I have multiple condo listings right now. It's very difficult to sell,' said Ngo, a sales representative with Big City Realty Inc. 2:07 Metro Vancouver condos sitting empty amid housing crisis 'It will probably be trending down the rest of the year, (into) next year. It's going to be awhile until it picks back up.' Story continues below advertisement In Greater Vancouver, there were 1,040 sales of condo apartments last month, a 16.5 per cent decrease compared with June 2024. That was a steeper year-over-year decline relative to sales of detached houses, which were down 5.3 per cent from June 2024, while sales of attached houses were up 3.7 per cent. At the moment, Dinani said the market price for a successful condo sale is ultimately dependent on 'who is the most motivated seller in the neighbourhood.' 'Some sellers are open-minded and are in a position where they want to sell and they're committed to selling, and there are still buyers for those properties,' he said. 'But if you're in a position where you have your mindset stuck on a certain price or a certain expectation and the market's not supporting it, we're just encouraging sellers to hit the brakes and find alternatives. So they're staying in the home long-term, renting the property out if their financial situation allows them to do so, and then revisiting it.' Tran called it a 'scary time' for people looking to upgrade to a larger home due to the risks involved in selling their current property, such as the possibility that finding a buyer could take much longer than hoped. While he said it's safer to sell first and then make an offer on a new property to buy, that also comes with the risk of not finding a property in time to move. Story continues below advertisement 'A lot of people are wondering, like 'OK, when are we going to hit the bottom, when are we going to see some recovery and confidence put back into the market, when are we going to start seeing things turn around?' No one knows,' said Tran. 'I, personally, don't think it's going to be any time soon.'
Hamilton Spectator
6 days ago
- Business
- Hamilton Spectator
‘Kind of stuck': Weak condo market means tough choices for potential move-up buyers
While optimism is building in some parts of Canada for a rebound in the real estate market, condominium dwellers wanting to move up to a larger space face tough choices amid little sign of improvement for that segment. Cities like Toronto and Vancouver have seen condo sales drop off, if not stagnate, in recent years following a rush of new supply opening up and plummeting investor demand. For some regions, that marks a divergence from the overall real estate picture. Many industry watchers are now forecasting a turnaround in the housing market in the coming months after the first half of 2025 was plagued by economic uncertainty related to tariffs and job losses. It's left those looking to leave condo life behind and upgrade to a house in a tough spot: sell now at a lower than anticipated value, or wait out the storm. 'They're kind of stuck,' said Victor Tran, a mortgage and real estate expert for . 'They hoped to bank on the appreciation of the condo in the coming years so they can pull that money out and use that as a down payment to upgrade to a larger home. But the money is just not there anymore.' Since 2022, condo apartment sales have dropped by 75 per cent in the Greater Toronto Area and 37 per cent in the Vancouver area, respectively, said a report last month by Canada Mortgage and Housing Corp. Meanwhile, inventories have more than doubled and prices fallen in those regions. The national housing agency said the condo market is expected to remain weak as completions 'remain near record levels and demand remains subdued.' It added there is little evidence to suggest price declines will quickly reverse 'given the national and global economic outlook.' 'There are certain (situations) where sellers have just decided to hit the sell button and take a loss on their condos, unfortunately, and just move on,' said Adil Dinani, a Vancouver-based real estate agent at Royal LePage West Real Estate Services. 'There's a lack of liquidity in the condo market, so that's preventing potential move-up buyers from reallocating that money, or buyers from moving up in the market, potentially, because their condos aren't worth what they expected them to be worth.' A report released by the Toronto Regional Real Estate Board in May showed condo apartment sales in the Greater Toronto Area were down 21.7 per cent in the first quarter of this year compared with the first three months 2024. Meanwhile, new listings in the quarter were up 25.2 per cent year-over-year for that segment. Condo sales were down 2.5 per cent last month on a year-over-year basis, roughly in line with overall home sales trends for the region. However, that came after activity in the condo market declined 25.1 per cent in May — far outpacing the drop in sales for other housing types. That month, detached home sales declined 10.6 per cent, townhouses were down 9.8 per cent and semi-detached homes ticked 0.3 per cent lower from May 2024. Toronto-area real estate agent Vy Ngo described the condo market as 'brutal,' even as activity has started to stabilize when it comes to other properties. 'I have multiple condo listings right now. It's very difficult to sell,' said Ngo, a sales representative with Big City Realty Inc. 'It will probably be trending down the rest of the year, (into) next year. It's going to be awhile until it picks back up.' In Greater Vancouver, there were 1,040 sales of condo apartments last month, a 16.5 per cent decrease compared with June 2024. That was a steeper year-over-year decline relative to sales of detached houses, which were down 5.3 per cent from June 2024, while sales of attached houses were up 3.7 per cent. At the moment, Dinani said the market price for a successful condo sale is ultimately dependent on 'who is the most motivated seller in the neighbourhood.' 'Some sellers are open-minded and are in a position where they want to sell and they're committed to selling, and there are still buyers for those properties,' he said. 'But if you're in a position where you have your mindset stuck on a certain price or a certain expectation and the market's not supporting it, we're just encouraging sellers to hit the brakes and find alternatives. So they're staying in the home long-term, renting the property out if their financial situation allows them to do so, and then revisiting it.' Tran called it a 'scary time' for people looking to upgrade to a larger home due to the risks involved in selling their current property, such as the possibility that finding a buyer could take much longer than hoped. While he said it's safer to sell first and then make an offer on a new property to buy, that also comes with the risk of not finding a property in time to move. 'A lot of people are wondering, like 'OK, when are we going to hit the bottom, when are we going to see some recovery and confidence put back into the market, when are we going to start seeing things turn around?' No one knows,' said Tran. 'I, personally, don't think it's going to be any time soon.' This report by The Canadian Press was first published July 10, 2025.
Winnipeg Free Press
6 days ago
- Business
- Winnipeg Free Press
‘Kind of stuck': Weak condo market means tough choices for potential move-up buyers
While optimism is building in some parts of Canada for a rebound in the real estate market, condominium dwellers wanting to move up to a larger space face tough choices amid little sign of improvement for that segment. Cities like Toronto and Vancouver have seen condo sales drop off, if not stagnate, in recent years following a rush of new supply opening up and plummeting investor demand. For some regions, that marks a divergence from the overall real estate picture. Many industry watchers are now forecasting a turnaround in the housing market in the coming months after the first half of 2025 was plagued by economic uncertainty related to tariffs and job losses. It's left those looking to leave condo life behind and upgrade to a house in a tough spot: sell now at a lower than anticipated value, or wait out the storm. 'They're kind of stuck,' said Victor Tran, a mortgage and real estate expert for 'They hoped to bank on the appreciation of the condo in the coming years so they can pull that money out and use that as a down payment to upgrade to a larger home. But the money is just not there anymore.' Since 2022, condo apartment sales have dropped by 75 per cent in the Greater Toronto Area and 37 per cent in the Vancouver area, respectively, said a report last month by Canada Mortgage and Housing Corp. Meanwhile, inventories have more than doubled and prices fallen in those regions. The national housing agency said the condo market is expected to remain weak as completions 'remain near record levels and demand remains subdued.' It added there is little evidence to suggest price declines will quickly reverse 'given the national and global economic outlook.' 'There are certain (situations) where sellers have just decided to hit the sell button and take a loss on their condos, unfortunately, and just move on,' said Adil Dinani, a Vancouver-based real estate agent at Royal LePage West Real Estate Services. 'There's a lack of liquidity in the condo market, so that's preventing potential move-up buyers from reallocating that money, or buyers from moving up in the market, potentially, because their condos aren't worth what they expected them to be worth.' A report released by the Toronto Regional Real Estate Board in May showed condo apartment sales in the Greater Toronto Area were down 21.7 per cent in the first quarter of this year compared with the first three months 2024. Meanwhile, new listings in the quarter were up 25.2 per cent year-over-year for that segment. Condo sales were down 2.5 per cent last month on a year-over-year basis, roughly in line with overall home sales trends for the region. However, that came after activity in the condo market declined 25.1 per cent in May — far outpacing the drop in sales for other housing types. That month, detached home sales declined 10.6 per cent, townhouses were down 9.8 per cent and semi-detached homes ticked 0.3 per cent lower from May 2024. Toronto-area real estate agent Vy Ngo described the condo market as 'brutal,' even as activity has started to stabilize when it comes to other properties. 'I have multiple condo listings right now. It's very difficult to sell,' said Ngo, a sales representative with Big City Realty Inc. 'It will probably be trending down the rest of the year, (into) next year. It's going to be awhile until it picks back up.' In Greater Vancouver, there were 1,040 sales of condo apartments last month, a 16.5 per cent decrease compared with June 2024. That was a steeper year-over-year decline relative to sales of detached houses, which were down 5.3 per cent from June 2024, while sales of attached houses were up 3.7 per cent. At the moment, Dinani said the market price for a successful condo sale is ultimately dependent on 'who is the most motivated seller in the neighbourhood.' 'Some sellers are open-minded and are in a position where they want to sell and they're committed to selling, and there are still buyers for those properties,' he said. 'But if you're in a position where you have your mindset stuck on a certain price or a certain expectation and the market's not supporting it, we're just encouraging sellers to hit the brakes and find alternatives. So they're staying in the home long-term, renting the property out if their financial situation allows them to do so, and then revisiting it.' Monday Mornings The latest local business news and a lookahead to the coming week. Tran called it a 'scary time' for people looking to upgrade to a larger home due to the risks involved in selling their current property, such as the possibility that finding a buyer could take much longer than hoped. While he said it's safer to sell first and then make an offer on a new property to buy, that also comes with the risk of not finding a property in time to move. 'A lot of people are wondering, like 'OK, when are we going to hit the bottom, when are we going to see some recovery and confidence put back into the market, when are we going to start seeing things turn around?' No one knows,' said Tran. 'I, personally, don't think it's going to be any time soon.' This report by The Canadian Press was first published July 10, 2025.
CTV News
19-06-2025
- Business
- CTV News
Condo sales, construction crater in Canada's two biggest markets, data show
A for sale sign is pictured outside a home in Vancouver in a June, 28, 2016. (THE CANADIAN PRESS/Jonathan Hayward) Condominium sales in Canada's two major markets continue to fall, leading to increasing supply and the cancellation of dozens of condo projects, despite a nationwide push to dramatically increase the construction of new homes. 'Both markets (Toronto and Vancouver) are significantly oversupplied, specifically in the condo segment,' says Adil Dinani, a sales representative with Royal LePage West in Vancouver. 'In Vancouver, we are sitting at listing inventory at the highest we've seen in 10 years.' From 2022 until the first quarter of 2025, condominium sales fell 75 per cent in Toronto and 37 per cent in Vancouver, according to the Canadian Mortgage and Housing Corporation (CMHC). In Toronto, condo sales are down 21.7 per cent year-over-year and inventory stands at more than 20,000 units. 'I believe this period in the condo market is going to be a challenge,' said Dinani. 'And I believe it will take a few years to clean up.' But sellers like Evelyn Contino don't have a few years to hang onto properties. The GTA-based real estate lawyer has been trying to sell her condo in downtown Toronto since November and has received no offers. 'My ex-partner and I have substantially reduced the price of this property and still nothing,' she said. 'It really is a tumultuous time in the real estate market.' Buyer's market That so many units are sitting on the market for months during a national housing crisis is a dichotomy experts chalk up to a variety of factors. While purchase prices in major markets like Toronto and Vancouver have softened, would-be buyers appear willing to wait to see if prices drop even further. Interest rates have also come down, but concerns about the global economy have gone up. 'You have a lot of would-be home buyers, people who have every intention of purchasing a home, but they've put that decision on hold because they want to see where the economy is headed,' said Jason Mercer, chief market analyst with the Toronto Region Real Estate Board (TRREB). Condo construction craters New condo construction is also sharply down, hitting its lowest level since 1996, according to Urbanation, which tracks the condo market in the GTA. With pre-construction sales cratering, developers are struggling to sell enough pre-construction units and cannot secure financing for new projects. Urbanation says at least 28 projects totalling nearly 6,000 units have been put on hold, cancelled, put into receivership or converted to rentals since 2024. But like every cycle, insiders predict this one will sort itself out. 'The market will get better and sentiment will improve,' said Dinani. 'What's going to happen is we will probably be in a period of an under-supplied market.' That's one of the reasons Mercer says the industry needs to find ways to keep building new homes. 'We can't take our foot off the gas,' he said. 'Right now, we are seeing a lot of supply in the resale market and that could potentially give people licence to say, 'hey, we don't have to worry so much about housing supply, at least in the short term.'' He warns that would be a mistake, especially given the CMHC says 3.5 million homes need to be built by 2030 to restore housing affordability. 'Five years down the road, we are going to be concerned about the lull in construction, because we haven't seen the housing start today,' Mercer warns.
Time of India
20-05-2025
- Business
- Time of India
Metro Vancouver is building homes for ghosts, not people
Canada is in the grip of a deepening housing crisis as nearly half of Canadians (45 per cent) report serious concerns about affording a home, and over one in five renter households spend more than 30 per cent of their income on shelter costs. Yet in Metro Vancouver , over 2,000 newly built condominiums stand empty, even as countless residents face housing insecurity. This number is projected to rise to nearly 3,500 by the end of the year. Also Read : Ontario's housing plan in crisis Sponsored Links Sponsored Links Promoted Links Promoted Links You May Like Specialist Down Jackets for Ultralight Adventures Trek Kit India Learn More Undo "Condo listings are probably the highest we've seen in years," notes realtor Adil Dinani. "Sixteen thousand listings overall in the Greater Vancouver Real Estate Board. It's the first time in 10 years." The oversupply has led to significant market hesitancy. Pre-sales are so low that developers are reconsidering projects. "We heard of one last week in Burnaby where the developer decided not to proceed with the project and as a result, returned all the deposits," said Dinani. Live Events Economist Bryan Yu from Central 1 Credit Union attributes the stagnation to broader economic uncertainties. "I think it's just a reflection of a couple of factors," he explains. "Low affordability and a lot of the uncertainty around the economy and those trade shocks right now." On the political front, Prime Minister Mark Carney , during a media availability in Rome, reaffirmed his campaign promise to double housing starts. "Once we increase, as a country, the rate of home building, then that is going to make home prices much lower than they otherwise would be," Carney stated. However, newly appointed Housing Minister Gregor Robertson offers a different perspective when he said, "I think that we need to deliver more supply, make sure the market is stable." Also Read: Canada's smallest town about to be vacated He emphasizes the need to focus on building affordable housing, noting, "The government of Canada has not been building affordable housing since the '90s and we've created a huge shortage across Canada."
