The condo market is slowing down. Where are all the buyers? [Video]

The condo market meltdown in Canada’s largest cities is showing no signs of fading. Experts say the market has shifted significantly over the past few months, as supply soars and demand disappears.

“We’re pretty much at a recession in the condo market,” said Robert Kavcic, senior economist at Bank of Montreal.

The downturn is concentrated in Toronto and across southern Ontario, and to a lesser extent Vancouver, he explained. Other markets, like Edmonton and Montreal, are holding up better for now.

“We’re probably going to be in this soft type of environment for a couple of years going forward,” he said.

Condo sales in the Greater Toronto Area tumbled in April, with a 30 per cent year-over-year decline, according to the Toronto Regional Real Estate Board. The average price of $678,048 was 6.8 per cent lower than the same period a year ago, and is down 16.5 per cent since the peak of the market in 2022.

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