TD Report: Condo Oversupply to Result in Price Hit
A new TD Report has stated that it predicts the oversupply in the condo market, will result in the decline of condo prices in the GTA. This is in stark contrast to its detached home market, which it projects to see growth this coming year.
On top of the current oversupply, there are an additional 70,000 new condo units projected to enter the market over the next two years, according to TD. Many leading real estate experts however have doubted this number, as being a far outcry from reality.
All in all, TD projects that the condo market will see a market correction/decline of 8% by end of 2015. Currently, the average condo price is listed at $353,665. The decline would see this average to $325,372.