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A new report from National Bank Financial shows a record number of condos in the Greater Toronto Area were empty in May.
National Bank says more than 2,800 condos were available last month to be sold or rented based on information collected from the Canada Mortgage and Housing Corporation and the Toronto Real Estate Board. But Marc Pinsonneault, senior economist with National Bank Financial, says there is no cause for concern at this point about a future condo glut driving down prices.
“To be sure, the situation deserves monitoring. But one month does not make a trend,” Pinsonneault wrote in a note to clients. “According to more comprehensive data from Realnet (it includes presales and condos under construction as well as completed condos), the number of unsold new condos has been trending down since the second half of 2014.”
Pinsonneault says the inventory of condos listed on the resale market represents three months of sales over the last two months, below the long-term average of 3.1 months.