Toronto condo market recovery could still be ‘two to three years’ away
Prices have been sliding across the board in Toronto, and outside the condo sector Kazarian said he sees reason to believe homebuyers will continue to snag deals and find the right purchasing opportunity in 2027.
“I think a lot of people are going to be cautious [next year], but on the flipside of that housing prices re coming down. We’ve seen, across the GTA [Greater Toronto Area], an approximately 21% decrease in housing prices [since their 2022 peak]. So is now a good time to buy? It might be.”
Trade, inflation concerns linger as 2027 nears
Other clouds are continuing to hover over the housing outlook, though – including trade tensions with the US and the continuing US-Iran war, both of which have sparked economic fears.
The Iran war has pushed up fuel prices and raised fears of Bank of Canada rate increases caused by inflation pressure, while the ongoing trade turmoil has spiked concerns about job losses and layoffs in tariff-impacted areas.
The issue of job security is one that frequently rears its head with customers, according to Kazarian. “I’ve seen many clients where they’ll take the position that they want to make sure they can quality for the mortgage based on one income versus both because they’re just being cautious in the event that one of them loses their job,” he said.
