Plummeting number of new condos could signal end of Toronto’s building boom

Toronto's housing market is showing signs of cooling, with new data from the Canada Mortgage and Housing Corporation indicating a significant decline in condo construction. Year-to-date housing starts have dropped 20% compared to last year, with single-detached homes seeing a minor decrease of 4%. In September, condo starts fell sharply from 36,441 to 28,559. High interest rates are cited as a major factor behind this decline, impacting new home construction by an estimated 30,000 units in 2023.