Things Are Getting So Much Worse For Condo's (GTA Condo Real Estate Market Update) 

Couldn't agree more: the condos in Toronto are primarily trash. So much concrete, steel, copper, and so many other valuable manufactured products dumped into garbage buildings made for speculators. This is what happens when we have weak and corrupt governments, broke municipalities, and insatiable greed. On another note, when is anything gonna cross that Eglinton Crosstown 😂😂😂

Appreciate your realism. As a young person looking to start my family, the wife and I aren't even considering condos. We'd rather leave the province or country.

The only way to control inflation is by eliminating income fraud in Canindia

I work in construction labour industry, and every time I go to the new construction site I get shocked myself to see the downsizing of the units from time to time and the higher price range.

I agree. Condos are too small. Units are often cheaply built. Maintenance fees are too high. Mortgage rates are too high. Airbnb ruins a building. So many reasons why a fire sale must happen soon. I will not buy until all the above is affordable again. Prices must come down to 80k again for one bedroom shoe boxes.

Why no ones talk about adding that maintenance fees scam factor associated with condos…. That was the major show stopper for me when i was in the market ti buy one

The reason new condo units used to sell out quickly to investors was because Toronto condo developers travelled to China to sell the units to rich Chinese investors. These investors got first dibs and oftentimes would buy up most of the units in the building. The condo units were never put on the Toronto market for everyday people to bid on. Globe and Mail wrote an article about it a few years ago, "Toronto condo developers head directly to China to court buyers" (September 2015). Sorry for not adding the link to the article, RU-vid no longer allows it.

The tsunami is starting to be felt. Panic is setting in. Today the usa re vloggers are talking about fire sales in Florida, China's market has already almost completely collapsed... it's spreading like wildfire ! But still; will the relatively low supply of houses in Canada be enough to keep the market from crashing?

Your content is fantastic! A real estate agent that actually speaks facts! The condo market is in for a a very very rude awakening! 800sq ft should cost no more than $350-$400k... Lets let the laws of supply and demand finally take hold of this make beleive real estate market! Everyone wins if prices come down, specifically business that is paying astronomical wages!

Additionally post pandemic people go only once or twice to office so why shouls they live in match box accommodation

Fire sale for all those condos under 700 sq feet! 50% off in a year!

All those studios and 1-br in glass point towers are in for a major correction.

If the prices are higher than prices of houses with huge lots in other countries, maybe there is something wrong with this crap here and people should think twice before jumping in

If the tiny shoe box condos become 50% off I'll consider buying two of them if it would be possible to connect them somehow which to make one useable unit.

Two of my friends are trying to sell their condos now due to relocation. Great layouts and square footage, 2 bedroom, great for families.. still on the market with no movement :(

Condos are trash! Very few exceptions. I've been a few nice Penthouse units. Taxes, condo fees and mortgage. Save a bit more and hold off for a freehold!

Get back to building the condos first. Then offer them for sale. This will eliminate speculation

The never understood Canadian economics and Canadian reality, and the greed of city development, and top it off with piegon holes no one can live or raise a family. The condo will bring the market to reality.

A condo can be converted into a family oriented unit by combining units. My friend that retired and downsized in Vancouver bought two units for a total area of 1,500 sq ft. Beautiful V-shaped layout which made the condo feel like a house.

Got to see it to believe it. Price are still holding strong.

Maybe buyers can now easily see the previous listings (e.g. housesigma) and don't agree to pay 30% vs 2 years ago

That’s how it is? years ago, lots were 50’ and 60’ , now you get homes on 35’ and 28’ or less. Buyers have to adjust since this is what is being built. A buyer wanting a 1000 sq ft condo to raise a family then the price is much higher and they need to pay much more. You get what you pay and buyers need to face reality.

Your comments certainly ring true. I'd add to those observations with some of my own. Some of the investor condo unit designs are quite obvious, such as fitting 2BR+1.5 Bath in a 500-650 Sq ft space, to minimize cost; using sliding dividers as moving walls for one of the "bedrooms"; investor condo units on the market are usually without upgrades, using the bare minimum offered by the builders, which means the units are not a pleasantly furnished space and all the materials used are "rental" grade; and lastly horrible layout such as a long narrow hallway or one of the two bedrooms that can barely fit a twin sized bed. And when it comes to the cost of ownership, even looking at some of the older condos, the ones that were built for living and not for investing and renting, I notice that the price of the monthly maintenance cost are starting close to or above $1000/month for a 800-1000 sqft unit for example. The newer ones, even when new, will probably start around $700 to $800/month. With inflation increasing in the near future, these monthly maintenance will keep heading upwards as condo buildings gets older, and labour and fixtures and everything else are getting more expensive. Whereas owning a home, if the homeowner is tight for cash, can delay some repairs by choice. Condo owners don't have that luxury when it comes to the maintenance fee. Even though those could impact a buyer's decision on closing the deal on condo units, there are some downtown Toronto condos, where their location are just superb if the owners love the downtown vibe and work in the city, and if the condos are connected to the PATH network, those are just convenient to getting around in the core. So I wonder if some condos will sell well even if the overall market is down? In any case, I have had friends who mentioned that living in a house, with all the repairs needed, cost just as much as living in a condo even with a high maintenance fee on an annual basis. Any comparison of those? I guess you can't use two extreme cases to compare, but lets say for a family of 3 - 4 people, how do the cost of ownership compare between detached, semi-detached, and condos?

Very informative, looking to sell my condo in Peel, 700sqft over 20 years old, spacious. Newly renovated, Great neighborhood. Feeling more comfortable after this video.

Santo, let me know when there's a 2 for 1 deal. Preferably side by side so I can crack the wall open. 😂

No Reason to buy...wait another yr

For a condo project to start, the developer need to sell 75% to qualify for financing. Without investors buying in these projects due to interest rates and new tax rules , many condos projects got cancelled. Taking into account the number of immigrants coming yearly to Ontario and the projects cancelled, there is a housing shortage to be expected in a few years. All those waiting for a 2 for one deal, go to Freshco or Walmart for a deal. Also want to add that another reason investors are not buying condos is because they don’t want to rent and risk a bad tenant. If an investor has to pay around $4000 a month to cover mortgage, taxes, other fees then that’s $40,000 for 10 months due to a non paying tenant.

Rate cut is on the horizon it will bounce back then

Your very right. I live in a condo and every unit that is being sold in my complex is families compared to 15 years ago when I bought the condo, it was singles and couples. New rules had to be made because its become a kids playground on the common elements

Quite informative, as a lay person, I learned somethings about the condo market. Well produced and good channel thanks .

Such an informative video. Thank you for sharing this valuable information about the disconnect between investors’ needs and end user needs.

This is great news. I just wished the prices dropped as fast as they went up. How are these investors holding on to these empty condos at crazy high prices.

Kevin O’Leary predicted Toronto would go the way of downtown Detroit with condos being abandoned due to their upkeep cause they were built so cheaply..I got out in 2018 at top dollar..you are correct, people want apartment style homes, it’s what’s being built in more populated cities around the world and it works, 3-4 bedroom spacious apartments where you can actually raise a family, theres too many multi million dollar homes and too many small condos, those condos should be 150-250k max..it’s a runaway train..

True. Not worth it.

Are people selling before the new capital gain starts in June?

Agreed. I wouldn't l live in one of those mean modern condos with no kitchen.

What do buyers want that the condo market isn't providing?

All the condos being built in the last 10-15 years are nothing but shoe boxes. Terrible designs. No room at all. Open plan is just a way to reduce square footage while the price per square foot goes up. I bought my condo in 1993. 1530sq ft. for $188,900.00. New condos by Tridel at 1200 sq ft are selling for $1.5 million!!! That is f*cking nuts! Mine is valued at $888,000.00 and has a far superior design to the garbage they are producing now. I wanted to sell & buy something a little smaller way outside of Toronto. The prices all over Ontario are nuts. They want Toronto prices for poor quality and terrible layouts. So I can’t move. I cannot unlock my equity and move to something a little smaller because prices are too high and the designs suck. I feel sorry for younger buyers. It’s impossible for them to buy anything. If some think that it’s greener on the other side they are sadly mistaken. I have friends in Switzerland. They can’t afford to buy a house. They have to wait for parents to pass away so they can inherit. Moving to the USA is a terrible solution. America is falling apart. Homelessness in every major city. Crime, gun violence, public education sucks. Just send your kids to school could get them shot! Europe is not a solution either. Too expensive hard to work there. What this country needs is lots of homes to be built so the market turns from a sellers market to a buyers market. We need equilibrium in the markets again. Real estate markets need to move back and forth from a buyers to a sellers market. Sadly it’s been a sellers market for the last 25 years. That is the problem.

Stay back until you start hearing or reading the bank’s whining. Pain equals gain for others

The problem is the condos at the current interest rates are cash flow negative BIG TIME. All the speculators who bought them and were renting them out at a loss each month are now renting them out a BIG loss. Real estate correction Canada badly needed.

condos are 500 sqft starting prices and high maintenance fees.

Press play- Santo-“Nobody wants these condos folks! ” LOL this tickled me

In hongkong a 500 sq ft is a 3 bedroom unit

Here comes the CRraashhhh.. go baby go.. now's the time for buyers to shine Yesterday was the best time to SELL, today is the second best, tomorrow will be worse.. 😅

The builders aren’t listening to us. We don’t want to live in those shoe boxes, with the ugly wall kitchens and exorbitant prices.

Condo fees and special assessments will break you in two.

condo fees are getting out of hand...not regulated

Even after u pay off ur Condo monthly maintenance fees is 800$ and up up up every year.

Too bad we didn't build housing instead of "investment" boxes in the sky. Most of those downtown condos aren't livable on a long term basis. Real investment contributes to the community -- add jobs, innovate. Parking money is a drain on our society. Hope they all lose their shirts.

A condo is one thing, A shoebox is another.

Santo, we need more condo news.

Finally the developers got the reality of they life, building shoeboxes was design for single people, or a couples, but not for family , Impossible to raise a family in 600 square footage, Toronto prices ‘ll have to drop its over priced, and will follow Vancouver although Vancouver is much smaller than toronto , so there’s not much land to build on , so prices will remain high, or moved to the suburbs ,

all these people comment...as yu ask them to..and you never respond

Most realtors believe that entry level studios have a 500k floor

400 sqf condo for 700k .....😂 You should be insane to do this! With such size living space you can forget about kids...Basically about any family. Plus morgage payments crazy .

Every home and business should install a rain water collection and storage system along with solar panels and an electric vehicle charger in the garage. Even in areas where rain is infrequent it is crazy to waste the little rain that does fall and waste it. We need to stop planting green lawns and switch to local native plantings around homes. It is crazy to plant lawns and build golf courses in dry desert areas. We waste too much water and electricity. the future is electric. Wind and solar energy along with electric vehicles are the future. Stop using fossil fuels. There is a climate crisis.

Overpriced by 30% for tiny cages

Aawwww poor billionaire builders 🥺🥺🥺, their cost went up ☹️☹️☹️.. awww I feel so bad about their cost while they make obserd profits building condos that NO CANADIAN WANTS!!! 😢😢😢 so sad.......😐

they are awful that is why...they all look the same..it is all about the stupid glass doors in the bedroom. people used to buy Condos for something to do on a weekend NOW because they are way to expensive no one wants them.

Wow you are bearish. I trust your info because you have been cautious for awhile. With interest coming down are you still bearish

What's funny is prices are likely to skyrocket out past 2025 as no new supply comes on the market....... how many tens of thousands of bear posts do you see on these channels..... and ya know what, prices still aren't down (they are basically flat for the last 2 years)

What a mess

Dont buy... prices will go lower

You purchase a condo to sell even ifs for you

Emd of 2024 beginning of 2025 prices will be down 20%

Within reason, I still say that you are better off paying a mortgage with condo fees rather than renting. Firstly, a LOT can be said about having your foot for the first time in the housing market. Even if it's not optimal. Got to start somewhere and boy am I grateful that I did when I did not have a clue! Secondly, not everyone raises a family. Some live alone or in couple, sometimes, the kids are grown up, on their own and you just don't want to maintain a cottage anymore. Sometimes, you just rather city lifestyle over driving back and forth to Suburbania. There is a market for condos. Obviously, don't overpay for a ticking bomb waiting to go off. But then again, don't rent a roof leaking slump that smells mold and bed bugs. Everything else being equal, I'll take the condo. Should I ever downsize back to condo, I'd personally stay clear from those towers with all the bells and whistles that drives up condo fees like mad. I don't need a pool, a spa, 24h security agent and all the rest. Give me a set of stairs and decent management of the building maintenance and I'll be happy.

Canada sells a dream of developed country. So yes, no one comes here to live in those condos with high cost of living and away from their homeland. Canada’s greed is coming to an end.

Condos are the biggest scam...... Its apt. living with a monthly mortage payment PLUS monthly condo fees which are a scam in themselves. 😂

Condos are 50 percent over priced

Invite the worlds problems you get the worlds problems.. little gaza toronto

Time to push the reset button:)

Comparing condo prices requires looking at unit size, view, quality, neighborhood, and amenities. Comparing weeks with different types of units (e.g., 1-bedroom vs. luxury units) doesn't give a true picture of price trends. Also, market labels (seller's, balanced, buyer's) can be misleading. For example, a buyer's market with firm seller prices doesn't mean buyers get deals, and a seller's market with motivated sellers can benefit buyers. I believe the condo market isn't in trouble but is poised for a significant surge in 2026 as interest rates drop and competition increases. Developer project cancellations now will drive future price increases."

They don't even know how to spell condos

When you move from a purchased condo to a house, there are a MASSIVE amount of moving fees, taxes, lawyer fees, realtor fees, etc etc etc. Buying a "starter home/condo" is a scam that only morons fall for. Save and buy your dream home.

your comments are lop sided; 90% of the condos languishing in the market are the 500 sq ft 1 BR / studios.

always good info..ty

assignments it’s not worth buying those ones you get a better buck and older style condo for a lot more square footage than these new assignments

This means rent will drop

Long term condo ownership is dead, taxes and fees are far too high to be sustainable

Smells like. big opportunity