Just under 53 per cent of respondents agree that the country’s condo market is about to fall, with slightly more than 47 per cent, disagreeing with that statement.
Their answers come less than a week after the Central Bank singled out the condo market as a sector more vulnerable to price declines than others.
“The supply of completed but unoccupied condominiums is elevated, which suggests a heightened risk of a correction in this market,” reads the December economic report.
That phenomenon is already being felt by condominium investors in Vancouver, where a glut of high-end units now sit idling, in part because of the HST, say market analysts.
The number of new condo developments in Toronto is on the upswing, although here analysts suggest the market is less susceptible to a correction given the strength of the GTA market, buoyed by immigration.
Still, developers in most markets now appear to be heeding the Bank’s warnings.
Housing starts across the country declined in November, reaching a level more consistent with “the rate of household formation,” according to StatsCan.
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