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Opinion | The condo market is crashing. Here’s how we keep building as prices fall

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海角社区官网condos

The Forest Hill condos at 2020 Bathurst Street in Toronto, March 26, 2025. Dozens of condo buyers couldn’t close on their pre-construction units once the condos were built and the developers sued. Andrew Francis Wallace/海角社区官网Star


Eric Lombardi is a housing advocate and the founder of More Neighbours Toronto.

Toronto鈥檚 condo market is cooling and for aspiring homeowners, the headlines are beginning to offer hope. Prices that soared over the last decade have begun to fall back to earth, led by studio and one-bedroom . Earlier this week, the federal housing minister told the 海角社区官网Star that the city simply has 鈥渢oo much condo product,鈥 an 鈥渙versupply.鈥 That鈥檚 one way to put it.聽

A better way is to recognize that, for the first time in years, completions and have pushed supply ahead of demand. long argued that adding supply would barely dent housing costs, but this correction proves the opposite. When more homes are built than buyers or renters can absorb, prices fall. That may be painful for those who bought at the peak, but it is an adjustment our housing system needs. If we want affordability for families, we must create the same oversupply conditions for two-, three- or even four-bedroom homes.

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Eric Lombardi is a housing advocate and the founder of More Neighbours Toronto.

Opinion articles are based on the author鈥檚 interpretations and judgments of facts, data and events. More details

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