With condo prices spiralling and developers cutting back on the number of units in the city, there’s no shortage of options for buyers and sellers in the Toronto area.
But some condo owners say they have been unable to sell their homes due to the condo shortage.
In recent months, many condo owners have been selling their properties in droves, hoping to secure the condo sales that were promised last year.
In some cases, the sales were successful, as sales numbers have soared and condo prices have dropped, but other times, the condo owners were unable to make a sale.
The condo shortage has left condo owners with few options.
In January, the city of Toronto announced it was launching a condo sales program, which is designed to allow condo owners to secure their properties.
The program has provided a tool to those who need to sell to assist them with the process, as well as a “buyer’s guide” that will help buyers and potential buyers navigate the sale process.
However, many are unhappy with how the program has been administered, with some saying the program is hamstrung by the city and developers.
“The condo sales are a complete failure,” said John Ruggiero, a real estate agent and a former president of the Canadian Real Estate Association.
“They’re not taking the same steps they should.
They’re not even trying to be.”
In February, Toronto city council approved a motion to amend the bylaw to allow the city to sell condos to residents of the city who live in their own units.
The motion was defeated, but council is considering another one in the fall that would allow the sale of condos in individual suites, with a requirement that the buyer be at least 18 years old.
According to city staff, the process is expected to take about five weeks.
If you’re interested in buying a condo in Toronto, visit the city website for more information.