According to CMHC’s latest Market Outlook, the GTA’s housing market is bracing for a slowdown over the next three years. Economic headwinds, including trade tensions, modest income growth, and softer labor markets, are expected to dampen housing demand. New home construction, particularly condos, is predicted to decline due to high costs and weaker presales.
Toronto realtor Daniel Zadegan notes a surge of completed condo units hitting the market, with many pre-construction buyers struggling to sell amidst higher interest rates. While condo prices may face volatility, Zadegan anticipates increased sales activity in the near term. However, a lack of new housing starts could create long-term supply issues. CMHC warns Canada needs to build 3.5 million more homes by 2030 to restore affordability, a target increasingly difficult to achieve. For a deeper dive into the forecast and expert analysis, read the full article on BNN Bloomberg.
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