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Toronto Sun
3 days ago
- Business
- Toronto Sun
'Kind of stuck': Weak condo market means tough choices for potential move-up buyers
Published Jul 10, 2025 • Last updated 0 minutes ago • 4 minute read Homes for sale at the Juniper condo development in North Vancouver on Tuesday, Sept. 13, 2022. Photo by Taehoon Kim / Bloomberg 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. This advertisement has not loaded yet, but your article continues below. THIS CONTENT IS RESERVED FOR SUBSCRIBERS ONLY Subscribe now to read the latest news in your city and across Canada. Unlimited online access to articles from across Canada with one account. Get exclusive access to the Toronto Sun ePaper, an electronic replica of the print edition that you can share, download and comment on. Enjoy insights and behind-the-scenes analysis from our award-winning journalists. Support local journalists and the next generation of journalists. Daily puzzles including the New York Times Crossword. SUBSCRIBE TO UNLOCK MORE ARTICLES Subscribe now to read the latest news in your city and across Canada. Unlimited online access to articles from across Canada with one account. Get exclusive access to the Toronto Sun ePaper, an electronic replica of the print edition that you can share, download and comment on. Enjoy insights and behind-the-scenes analysis from our award-winning journalists. Support local journalists and the next generation of journalists. Daily puzzles including the New York Times Crossword. REGISTER / SIGN IN TO UNLOCK MORE ARTICLES Create an account or sign in to continue with your reading experience. Access articles from across Canada with one account. Share your thoughts and join the conversation in the comments. Enjoy additional articles per month. Get email updates from your favourite authors. THIS ARTICLE IS FREE TO READ REGISTER TO UNLOCK. Create an account or sign in to continue with your reading experience. Access articles from across Canada with one account Share your thoughts and join the conversation in the comments Enjoy additional articles per month Get email updates from your favourite authors Don't have an account? Create Account 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.' Your noon-hour look at what's happening in Toronto and beyond. By signing up you consent to receive the above newsletter from Postmedia Network Inc. Please try again This advertisement has not loaded yet, but your article continues below. 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. This advertisement has not loaded yet, but your article continues below. '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. This advertisement has not loaded yet, but your article continues below. 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. This advertisement has not loaded yet, but your article continues below. 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.' Read More Toronto Blue Jays Olympics Toronto & GTA Uncategorized Basketball
Global News
3 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
4 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
4 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.
Global News
03-07-2025
- Business
- Global News
Is this the easiest it's been in 3 years to own a home?
After three years of a hot housing market, full of bidding wars and homes selling for over the asking price, Canada's housing market is finally cooling off. According to a Royal Bank of Canada report, buying a home in Canada is the easiest it has been in the last three years. However, experts say the dream may still be unattainable for many. 'The positive shift in the last five quarters has helped homebuyers' prospects across all regions and housing market segments. However, it's been condo buyers that have seen the most significant turnaround,' the report said. The report predicts stable home prices over the next two years. 'We expect generally stable prices in Canada over the next two years—with some local exceptions—and modest wages growth amid persistent labour market slack,' RBC economist Robert Hogue said in the report. Story continues below advertisement Lower interest rates The RBC report said the improving home affordability is driven by two factors: it has become cheaper to get a home loan and home prices in Canada have been falling. 'Mortgage rates have come down quite a bit in the past three years. That's number one (on the list of reasons),' said Victor Tran, mortgage expert at Before someone borrows money from a federally regulated lender, like a bank, they need to prove they can afford payments at a qualifying interest rate. Typically, this rate is higher than the actual rate in a mortgage contract. This is referred to as the 'stress test.' The stress test requires borrowers to qualify for a mortgage at a rate of 5.25 per cent or two per cent above the contract rate, whichever is higher. Borrowers need to prove they could handle higher monthly payments if the central bank rate rose rapidly. Story continues below advertisement 'Lower mortgage rates equal lower qualifying rates, or in other words, lower stress test rates. Borrowing power improves a little bit,' Tran said. 1:01 Throne speech: King Charles says Liberals will work to make Canada's housing market 'work better' Home prices still too high In May, the average home price in Canada fell 3.5 per cent compared with this time last year. But in many markets, housing affordability remains worse than it was before the pandemic. Story continues below advertisement 'Those two factors (interest rates and home prices) are making it technically more affordable, but it's not like homes have been cut in half in price or anything. It's still very expensive,' said Tom Storey, sales representative at Royal LePage. 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 'If it was 40 degrees out for five days in a row and the next day it's 35 degrees, it's technically cooler, but I'm still probably sweating. And I think that's probably what buyers are feeling in this type of market.' The post-pandemic market highs in Canada pushed housing out of reach for many Canadians. In 2021, home prices skyrocketed 10.3 per cent nationally compared with 2020. They peaked in 2022, jumping 7.7 per cent compared with 2021. For anyone buying a house in those two years, bidding wars would have been the norm, and many would have had to buy the house without being able to put any conditions in. Storey said that while buyers are realizing they hold more cards than they did three years ago, there is a mismatch between what buyers want to pay and what sellers are expecting for their properties. 'The number of listings that are coming to the market, month over month, it is a bit higher than what we've seen in previous years. But the reason why there's so many (houses on the market) right now is because the absorption is not there. Buyers and sellers are not agreeing on prices,' he said. Story continues below advertisement One of the biggest factors keeping buyers on the sidelines is U.S. President Donald Trump's tariffs, Tran said, particularly in markets with exposure to the U.S. economy. 'Windsor and Hamilton (in Ontario) are very exposed because most of the town is tied to manufacturing or the steel industry. Those markets are facing more uncertainty than other markets,' he said. 3:39 Saskatoon housing market trends continue to lean in favour of seller Tran said potential buyers should also factor in any costs that come with owning and living in a house of their own. 'Other things are expensive as well, too, and that's scary for a lot of people entering the housing market. For example, property taxes, utilities and insurance. Those costs that everyone has to deal with are expected to go up on a year-over-year basis. That's something we should always expect and budget for,' he said. Story continues below advertisement Condo market cooling For anyone looking to buy a condo, affordability measures look very good, with affordability back to pre-pandemic levels in some markets. 'In some parts of the country—including Edmonton, Saskatoon, Regina, Winnipeg and even Toronto—the condo affordability measure is now effectively back to where it was before the pandemic,' the report said. Storey said that while condo inventory is rising rapidly in some of Canada's priciest markets, including Toronto and Vancouver, other types of homes remain few and far between. Buyers should not be surprised to find themselves in a bidding war for a semi-detached home in a hot market, he said. 'There just isn't a ton of inventory for that property type. So even in a soft overall market, a semi-detached home still could get several offers or sell over the asking price,' he said. Story continues below advertisement 2:25 How Montreal's new short-term rental regulations are hurting some residents Tran said lower interest rates also mean that banks and other lenders are competing to retain customers whose mortgages are coming up for renewal. 'Not only are they offering low rates to save a customer or even acquire a new customer, but a lot them have additional promotion where they would throw cash at customers. Like cash back mortgages,' he said.
