The latest data from the CMHC in Toronto and for Canada suggest that unoccupied housing equals only 4.7 per every 10,000 people. Which is actually very near the historical average so the fears that there is overbuilding in the Toronto market is unfounded. At least at this time.
The Toronto housing market is going through rapid growth with record setting construction which began in the mid 2000's and has not stopped even for the financial crisis of 2008. In fact Toronto has jetted ahead at this time, setting the all time sales records for condos in 2011 which 28,000 new condos sold that year.
Since that time condo sales in Toronto have declined down to the present 14,000 new condo units which were sold in 2013. New condo sales are expected to pick up again in 2014 near the end of the year, and into 2015.