Benjamin Tal of CIBC has contended with the commonly- held opinion that the Greater Toronto Area has too many condos for sale in the region. The deputy chief economist of the lender said that there are not enough supplies going into the market, conceding the condo sales record year during last year, with 27,000 units sold. He pointed out the 6 per cent decline of latest condo launched and a drop of 50 per cent in inventory to a decade low.
Due to the limited supply in the 416 area, more activity is taking place in the 905 area, as a result of that, the Toronto market sales figure for this year has a chance of being overtaken.
The report on the GTA rental market by the economist noted that younger Canadian families are allowing longer-term renting and will need more ease of use for developments meant for specific purposes.