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No quick fix for slumping Toronto, Vancouver condo markets

The condominium markets in Toronto and Vancouver are facing a tough time with no quick turnaround in sight. The first quarter of 2024 saw fewer than 1,500 condo sales in the Greater Toronto Area, a significant drop from nearly 10,000 in the same period of 2022. Rising interest rates, increasing taxes, and growing unsold inventory are major factors.

Experts at a recent Land & Development conference shared their insights. Andrew Brethour of PMA Brethour noted the market is at a low point but expects gradual improvement. Shaun Hildebrand of Urbanation highlighted the risk to jobs with a decrease in condo constructions. Gavin Cheung of CentreCourt pointed out the high prices in pre-construction markets, while Andrea Oppedisano of Marlin Spring emphasized the need for added value and density in projects. Michael Ferreira from Anthem Properties suggested that interest rate cuts are needed to revive investor interest.

For now, both Toronto and Vancouver's condo markets are in a slump with developers and stakeholders looking for solutions to turn things around. Many experts agree that the high costs of new projects and economic uncertainty are keeping buyers away. The hope is that as the economy stabilizes, interest rates drop, and government policies adapt, the market might see a gradual recovery.

Additionally, there's a push for more innovative and attractive development strategies to entice buyers. Developers are being urged to focus on creating high-density, value-added communities that can meet the changing demands of potential homeowners. As the market navigates through these challenges, the focus remains on finding sustainable ways to revitalize the condo sector in Canada's largest cities.



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