Canadian Real Estate Is Stable, Toronto Condos Are An Exception

BMO Capital Markets reports that Canadian real estate sales saw a 4.8% annual growth in July, but remain 5% below 2019 levels. Inventory is rising faster than sales, with new listings up 12.7%, easing market pressure. While the overall market is stable, Toronto condos are experiencing a supply glut, and home prices in Toronto have only slipped 4.2% from last year. The situation raises concerns about whether other markets can maintain demand and price premiums if Toronto continues to decline.