Canada’s weak condo market leaves potential house buyers ‘kind of stuck’
Global News
Canada's weak condo market has those looking to leave condo life behind and upgrade to a house in a tough spot: sell now at a lower than anticipated value, or wait out the storm.
While optimism is building in some parts of Canada for a rebound in the real estate market, condominium dwellers wanting to move up to a larger space face tough choices amid little sign of improvement for that segment.
Cities like Toronto and Vancouver have seen condo sales drop off, if not stagnate, in recent years following a rush of new supply opening up and plummeting investor demand.
For some regions, that marks a divergence from the overall real estate picture. Many industry watchers are now forecasting a turnaround in the housing market in the coming months after the first half of 2025 was plagued by economic uncertainty related to tariffs and job losses.
It’s left those looking to leave condo life behind and upgrade to a house in a tough spot: sell now at a lower than anticipated value, or wait out the storm.
“They’re kind of stuck,” said Victor Tran, a mortgage and real estate expert for Rates.ca.
“They hoped to bank on the appreciation of the condo in the coming years so they can pull that money out and use that as a down payment to upgrade to a larger home. But the money is just not there anymore.”
Since 2022, condo apartment sales have dropped by 75 per cent in the Greater Toronto Area and 37 per cent in the Vancouver area, respectively, said a report last month by Canada Mortgage and Housing Corp. Meanwhile, inventories have more than doubled and prices fallen in those regions.
The national housing agency said the condo market is expected to remain weak as completions “remain near record levels and demand remains subdued.” It added there is little evidence to suggest price declines will quickly reverse “given the national and global economic outlook.”
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