Genworth Canada Financial Group Releases Report on the State of the Toronto Condo Market

Genworth Canada Financial released their report on the Toronto Condo market last week, and it basically stated the obvious: That although the Toronto condo market is in a slightly overbought state it is generally not considered a bubble, my most market forecasters.  Other financial institutions have also released similar reports that have shown that the Toronto condo market seems slightly overvalued, it is nowhere in danger of headed for a market crash.

In 2013, the condo market suffered its greatest decline over the past 10 years. Sales declined by over 40% in 2013 when compared to 2012. That is a dramatic decline in sales, but the key thing to not during that time is that even sales fell, the market price of those condos did not decline, and those that did decline, the fall was relatively minor.  There goes the theory that the condo market would crash if sales declined.