Toronto condo vacancies at all time high, So why are more being built?
Toronto condo vacancies at all time high
Toronto condo vacancies surged in the month of May, with more than 2,800 completed units unoccupied. That number hovered just above 2,000 in April. Economists from National Bank Financial, authors of the report, urged that a single month doesn't represent a trend, but those numbers are certainly worth keeping tabs on.
Not wanting to sound any alarm bells makes sense, I suppose, but it's not as if May was the first month in which condo vacancies were high enough to warrant attention. Back in March, Toronto reached a 21 year high in unsold condos. That said, prices are still soaring, so it's difficult to predict how exactly this will play out over the rest of the summer.