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Toronto Sun
10-07-2025
- 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
Business Wire
26-06-2025
- Entertainment
- Business Wire
Spekter Games Raises $5 Million to Launch 'Spekter Agency', a Web3-Enhanced Roguelite Game on Telegram
SAN FRANCISCO--(BUSINESS WIRE)-- Spekter Games Inc., a next-gen game publisher dedicated to crafting high-quality, roguelite mobile games enriched with seamless Web3 incentives, today announces a $5 million pre-seed funding round and launches its first title, Spekter Agency. The round saw participation from prominent investment firms including a16z speedrun, London Venture Partners, BRV Capital, Chamaeleon, Accelerator Ventures, Impact46, Versus Ventures and Alumni Ventures. The funding coincides with today's official launch of Spekter Games' first title, Spekter Agency, a rogue-lite action game debuting on Telegram. Inspired by breakout hits like Vampire Survivors, Spekter Agency offers addictive, arcade-style gameplay tailored for mainstream audiences that plans to seamlessly integrate passive blockchain rewards without the complexity associated with Web3 gaming. 'We're building games that people love for the gameplay, not just the rewards,' said Taehoon Kim (TK), CEO and founder of Spekter Games Inc. 'Web3 incentives can supercharge retention and virality, but they should never get in the way of the fun. By keeping these systems passive and behind the scenes, we're showing that it's possible to bring Web3-enhanced games to the mainstream without compromising gameplay.' Leveraging Telegram's massive platform of over 1 billion monthly active users, Spekter Agency runs on Telegram's Mini Apps infrastructure, enabling frictionless onboarding and instant, native gameplay. Telegram's built-in wallet capabilities can simplify crypto transactions, drastically reducing the barriers traditionally associated with blockchain gaming and opening it up to a wider audience. 'We believe there is a real opportunity to improve the early tap-to-earn games on Telegram with deep mechanics that resonate with real gamers,' said Robin Guo, investment partner at a16z speedrun. 'We're thrilled to back TK and his seasoned team as they push the boundaries of what's possible in gaming on chat-based super apps.' The funds raised will enable Spekter Games to scale Spekter Agency across additional platforms, including other chat-based super apps and traditional mobile stores like the App Store and Google Play. Additionally, the capital will support the ongoing development of the publisher's second game, already underway. Spekter Games was founded by industry veteran and serial entrepreneur Taehoon Kim (TK), who brings over 20 years of experience in the gaming industry with multiple exited startups. At his previous company, nWay, TK led the development of real-time, cross-play multiplayer hits such as Power Rangers: Legacy Wars, and Battle for the Grid, amassing over 100 million downloads. nWay was acquired by Animoca Brands, where TK stayed on to lead Web3 gaming initiative in collaboration with partners like Yuga Labs and Dapper Labs. TK and the Spekter team bring deep expertise in both Web2 and Web3 game development, uniquely positioning them to build games that seamlessly bridge both worlds for mainstream adoption. To learn more about Spekter Games visit: Play the game instantly on Telegram: For the latest updates and announcements, follow the official Telegram channel: About Spekter Games Spekter Games is a next-gen game publisher bringing proven free-to-play Web2 mobile games to chat-based super apps, supercharged with Web3 incentive layer done right. Founded by Taehoon Kim, a serial entrepreneur with over two decades of gaming expertise and multiple successful exits, Spekter is pioneering a new category of hybrid games designed for mass-market players, not just the Web3 niche. Starting with accessible, high-retention rogue-lite games, Spekter delivers top-tier gameplay and monetization through traditional IAP models, while layering in passive Web3 rewards that enhance engagement, virality, and loyalty, without disrupting the core game experience. With Telegram's 1B+ monthly active users, Spekter Games leverages super app ecosystems for unprecedented growth potential, creating accessible gaming experiences that bridge mainstream mobile gaming and the exciting possibilities of Web3.
Toronto Sun
06-05-2025
- Business
- Toronto Sun
High morgtage payments, downpayments keep buyers out of housing market: Survey
'Like sucking the oxygen out of a room, rising housing costs in Canada leave little left for consumers to spend in the overall economy" Homes for sale at the Juniper condo development in North Vancouver on Tuesday, Sept. 13, 2022. Photo by Taehoon Kim / Bloomberg OTTAWA — One-in-three Canadians say saving up for huge down payments are keeping them out of the housing market. 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 Results of a new poll released Tuesday by Chartered Professional Accountants of Canada (CPA Canada) and BDO Debt Solutions highlight a bleak mood among Canadians hoping to purchase a home, with 30% of Canadians saying the ongoing high costs of mortgage payments are keeping them out of the market, while 10% say they prefer the flexibility of renting over buying. 'Like sucking the oxygen out of a room, rising housing costs in Canada leave little left for consumers to spend in the overall economy,' said CPA Canada's Chief Economist David-Alexandre Brassard. 'High down payments restrict access to real estate investments and exacerbate wealth inequality, leading to social consequences.' Recommended video Of those polled, 43% said Canada's ongoing affordability crisis is their top financial challenge, while 15% indicated paying down debt is becoming a big issue — all contributing to a situation where everyday Canadians are too concerned with keeping their heads above water to save for buying a home. This advertisement has not loaded yet, but your article continues below. 'The dream of owning a first home is slipping away for many Canadians,' said BDO's Nancy Snedden. 'It's concerning that only 2% of non-homeowners in Canada are able to make their emergency fund a financial priority, while many are relying on credit to cover their expenses.' Other takeaways include wide age gaps in home ownership — nearly three-quarters of those over 55 own their home, while only 63% of those aged 35-54 are homeowners, dropping to just 31% for those 18 to 34. bpassifiume@ X: @bryanpassifiume Read More Toronto Maple Leafs Canada Editorial Cartoons MLB Toronto Blue Jays
Toronto Sun
26-04-2025
- Automotive
- Toronto Sun
Tesla hikes Canadian prices and pushes its pre-tariff inventory
Published Apr 26, 2025 • 1 minute read A Tesla Supercharger station in North Vancouver, British Columbia. Photo by Taehoon Kim / Bloomberg (Bloomberg) — Tesla Inc. is raising prices in Canada and encouraging buyers to snap up cars imported before counter-tariffs were imposed on US-made vehicles. 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 The electric carmaker's Canadian website featured a banner on Saturday which said: 'Explore pre-tariff priced inventory while supplies last.' After President Donald Trump imposed sweeping tariffs on Canadian goods last month, including 25% on vehicle content produced outside of the US within a US-Mexico-Canada trade pact, Canada announced retaliatory import taxes. Those in-kind levies are designed to mirror the US duties. Pricing for new orders on Tesla's site as of April 26 was higher than for the same models listed as being in inventory. For example, the sticker price of long-range Model 3 cars with all-wheel drive was listed as C$79,990 ($57,700) for a new order, but those same 2025 model year vehicles already in inventory were being offered for around C$69,000. The company did not respond to a request for comment. The price increases were reported earlier by specialist website which said the cost to Canadian buyers for new orders of certain models such as the all-wheel drive Cybertruck are as much as 22% higher. Tesla's CEO Elon Musk has come in for criticism in Canada as a result of his support for the US President, who's repeatedly said he'd like Canada to be part of the US. Musk has said he will devote more time to Tesla starting next month after the carmaker had its worst first-quarter financial results in years. Toronto & GTA Columnists Columnists Federal Elections Columnists
