Drastic drop in condo sales amid record listings in GTA

It's challenging to get showings and you know you can't get an offer on a place if you can't even get it to be shown. More than 8000 condos in the GTA were listed back in May. That's the highest number of units on the market for any month in recent history. And Toronto real estate broker Develle Morrison tells me the sudden flood of housing inventory is just not selling. Some of them acknowledge that they're going to have to sell at a loss, which is unfortunate, but that is where we are with the condo market right now. There are so many condos in the market right now and, and some of them because they're cookie cutter, not that interesting, it's that much worse. So if you're a buyer out there, it's amazing for you because basically you've got your pick. People are going to be desperate and you know, some will negotiate the prices down. Many of the units up for sale are the smaller ones that were built for investors. And according to Morrison, some of her clients are trying to shut those properties. My client just said, you know, what I'm spending too in her place was rented. But she was spending, you know, hundreds of dollars per month on top of the rental income she was getting. And she was like, I'm out. I can't do this anymore. As AGTA continues to grapple with a growing housing crisis, pre construction condo sales are also down significantly, about 74% this year compared to the 10 year average. So the expectation of future price increases has been moderated. The pre construction condominiums are attractive when the prices are rising fast. Because you can get in early and by the time you take possession, there has been a marked increase in the valuation. If that is not happening, then you will think twice about investing. But real estate expert Murtaza Hader believes the condo crash will be temporary. He points to the pandemic when everyone was working from home and many people bought houses outside the city. He believes all of that is about to swing in the other direction. Toronto is a growing city. More and more people are returning to work slowly. You can see the transit ridership is growing. You can see that traffic, the street traffic has resumed to pre pre COVID levels. I would expect a return to, to, to, to again, central Toronto, downtown Toronto in, in a matter of a couple of years. Now, keep in mind, the housing market is always shifting. And the real estate experts we've been talking to, they believe that many buyers will remain on the sidelines for several more months waiting for a few more cuts to interest rates in Etobicoke. Shauna Hunt City News.