#condominium-market

#condominium-market

Canada's housing agency says the weakening condo market in the Toronto region has some parallels to the crash of the early 1990s, but several factors mean the current downturn will likely be less severe. Canada Mortgage and Housing Corporation says in the new report that a more diverse and stable economy, stricter lending rules, and an underlying shortage of homes in the Greater Toronto Area will all help soften the effects of the market pullback.

"Within two years, a hurricane doubled their insurance costs, and a $7,200 special assessment for building upgrades hit, partially offset by $2,000 from insurance."