The preconstruction condo market is ‘clearly in recessionary territory with conditions deteriorating to levels not seen in decades,’ according to a report released Thursday
Over 80 per cent of new condo investors in the Toronto region are finding the rental income from their units is not covering the increasing mortgage and other costs of owning the property, according to a new report issued on Thursday.
The preconstruction condo market is “clearly in recessionary territory with conditions deteriorating to levels not seen in decades,” said the report authored by condo research firm Urbanation Inc. president Shaun Hildebrand and Canadian Imperial Bank of Commerce deputy chief economist Benjamin Tal. At the same time, monthly rental rates for a new condo in the region hit a record $2,700. But that was not enough to cover the new condo investor’s expenses.
According to the report, 81 per cent of investors who took out a mortgage to buy their newly completed condo this year were cash flow negative and were bleeding an average of $605 per month.
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