The Toronto Condo Market This Week (October 30, 2015)

Real estate pundits are saying that Canada has been emotionally invested in the Toronto Blue Jays and federal election this past month. With a record number of fans tuned into the game this year, some buyers may have been distracted from the fall market.

There is “strong evidence of problematic conditions” in Toronto’s housing market and a quarter of the 15 biggest real estate markets in the country, according to the most recent Housing Market Assessment Report by Canada’s federal housing agency.

Unsold condo data in Toronto – long thought to be an indication of the risks posed by that hot market – doesn’t provide an entirely accurate picture of the segment’s stability, according to one economist.

Toronto’s condo sector has seen rising numbers of newly built, but unsold condos this year, raising red flags among some industry watchers. But Canadian Imperial Bank of Commerce economist Benjamin Tal insists those who see the trend as a sign of a condo bubble about to pop “are barking up the wrong tree.”