Despite fears of investors driving Canada's largest condo market into an overbuilt ghost town, there are actually more units sitting empty in Montreal than in Toronto, a BMO report says. "I was surprised," said BMO senior economist Sal Guatieri. "I didn't know it (the number of vacant units in Montreal) was that high."
According to Canada Mortgage and Housing Corp. data cited by Guatieri, there were 1,876 completed and unabsorbed (haven't found a buyer) condos in Montreal, compared to 1,013 units in Toronto, as of October. Of Canada's four largest real estate markets, Vancouver has the highest number of vacant condos, with 1,934 units completed and unabsorbed.
According to the CMHC, there are almost 60,000 condo units under construction in Toronto - with delivery expected over several year -compared to just under 15,000 in Montreal.
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