Toronto Condo Market Slowly Rebounds

0:00It's April 21st, you're listening to Canada News Today, AI-powered local news. Toronto's condo market is set for a slow comeback after hitting rock bottom. A fresh urban nation report drops the news that new sales plunged to just 246 units in the first quarter of 2026 across. The greater Toronto Hamilton area. That's a 52% drop from last year, the lowest in 35 years, with zero new condo launches for the first time in at least three decades. Inventory is stacking up big time, about 4,295 new condos sat completed, but unsold by quarters in, double what it was a year ago. Add another 8,629 under construction, and you got 92 months of supply based on recent sales, plenty for. Buyers dipping back in. Experts like Sean Hill to brand from Urban Nation say market confidence is still shaky, so demands cooling off. But Jason Mercer from the Toronto Regional Real Estate Board sees upsides for shoppers, with all that choice pulling folks off the sidelines after A, couple tough years.

1:07Resale condos look stronger than new builds right now. Victor Tran from rates.california, points out resales often have solid boards and lower fee hikes ahead, making them less risky than fresh. Projects loaded with unknowns, buyers are whizing up to those pitfalls. As sales nibble away at the glut heading into 2027, things could tighten up and lift prices a bit. Still, full recovery might take a couple more years, with no rush yet. Folks want in but ownership costs hit hard.