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Toronto Condo Market COLLAPSING - Tom Storey Shares What's Really Happening

The Toronto real estate market is making national headlines, with growing concerns about a condo crisis that has both buyers and developers feeling the pressure. In this episode, we sit down with renowned Toronto Realtor Tom Storey to break down what’s really happening on the ground. With reports of buyers failing to close on pre-sale units and developers facing insolvency, we discuss how these issues are playing out in real-time and whether they’re as severe as they sound. Are condos the only segment struggling, or is the slowdown affecting all types of housing? And how does Toronto’s market compare to what we’re seeing here in Vancouver? With both cities navigating high borrowing costs, policy roadblocks, and affordability concerns, we examine the parallels and key differences between the two. A record-low number of new projects launched in January, raising questions about whether developers will be on pause for most of 2025. We explore whether rising development charges, lengthy permit processes, and shifting buyer demand are keeping new housing from coming to market. These same issues have been major inhibitors to new supply in B.C., and we compare how government policies in both provinces are shaping future development. Additionally, with 50%+ of Canadian mortgages set to renew at significantly higher rates over the next two years, we assess how this looming financial pressure could impact both homeowners and investors. Are investors checking out of the market entirely, or are new opportunities emerging in the current landscape? Beyond the immediate slowdown, we also look at long-term structural issues. Toronto, much like Vancouver, has long been criticized for its lack of "Missing Middle" housing—smaller, multi-unit developments that could provide a bridge between high-rise condos and detached homes. We ask Tom whether Toronto has made any meaningful progress in addressing this gap and if there are solutions that could help increase supply. We also touch on the contentious topic of Ontario’s Greenbelt—could opening up more land be a solution to affordability and supply issues, or would it create more problems? Additionally, with new tariffs looming over the construction industry, we analyze the potential ripple effects on housing costs and supply. Despite the uncertainties, market shifts often bring opportunities. Tom shares insights on where buyers and investors should be looking right now, what strategies are working for those still active in the market, and what potential silver linings could emerge from this downturn. And while there are real concerns about the future, there are also reasons for optimism. We wrap up by asking Tom what excites and scares him most about the future of Toronto real estate and how the market might evolve over the next few years. If you're looking for a deep dive into one of Canada’s most talked-about real estate markets—and how it compares to Vancouver—this is an episode you won’t want to miss! -------- Tom has been selling real estate in Toronto for 11 years and ranks in the Top 35 under 35 in Canada with Royal LePage. He is also in the Top 1% Nationally and Top 0.1% in Toronto Real Estate Sales. Tom has become a trusted source for CTV, CP24, and Global, providing insights on the Canadian housing market. The Storey Team has successfully helped many people buy, sell, and lease real estate by offering practical, data-driven, and honest advice. https://storeyteam.ca/ _________________________________ Book A Real Estate Consultation: 📆 https://calendly.com/thevancouverlife 🏡 Valuable Videos For Buyers & Sellers 🏡 BC's Multiplex Plan: Game-Changer for the Housing Landscape :    • BC's Multiplex Plan: Game-Changer for...   Canada's Economic & Real Estate Future with BMO's Chief Economist Doug Porter :    • Canada's Economic & Real Estate Futur...   Top 10 Pros and Cons of Living In Vancouver British Columbia :    • Top 10 Pros and Cons of Living In Van...   🏡 Visit our website to see active listings and valuable Real Estate information 🏡 → The Vancouver Life: https://bit.ly/3yN25V7 💥 Follow us on Social Media 💥 → Instagram: https://bit.ly/3jSkRo1 → Facebook: https://bit.ly/3g05bxK → Twitter: https://bit.ly/3xMGFpZ The Vancouver Life Real Estate Group are licensed Real Estate Agents at eXp Realty Vancouver 🏆 Top 1% Presidents Club 2024 🏆 Top 10% Medallion Club Members 2019 to 2024 🏆 Over $400,000,000 in sales www.thevancouverlife.com _________________________________