Bank of Canada Sees Increased Risk Developing in Toronto Condo Market

The level of risk in the Toronto Condo Market has increased greatly according to a new report by the Bank of Canada. There are risk due to the fact that there are still high levels of unsold condos at the pre-construction level of development that will be coming online within the year. And that the sheer number of condos, will negatively impact prices in the downtown core. The Bank of Canada is concerned that any real estate correction that occurs in the Toronto Market will have a ripple impact throughout other large urban cities in Canada. Toronto has been building out the downtown core rapidly and currently has over 150 highrise and skyscraper towers under construction more than 4 times as many towers under construction than the next Canadian city of Vancouver.