Hundreds of condos in downtown Toronto are up for sale, flooding the market as high interest rates spur an exodus of investors, and some homeowners, who are unable to keep up with mounting mortgage costs.
Year-over-year sales for detached and semi-detached homes in the GTA dropped by 12 and 14 per cent, respectively, in August, while townhouse sales rose a modest 0.6 per cent. All three saw price increases. Condo sales, however, jumped by 7.6 per cent but saw average price drop by one per cent, according to the Toronto Regional Real Estate Board (TRREB).
