A new report by the Canada Mortgage and Housing Corporation (CHMC) says the recent downturn in Toronto’s condo market is unlikely to lead to a real estate crash similar to that seen in the 1990s, but acknowledges there are similarities to that time period.
“We do not assess Toronto’s market as being overbuilt as it was during the 1990s. On the contrary, there is currently a structural shortage of housing, which is expected to help clear any inventory build-up as the market recovers,” the CMHC said in a report released on Sept. 24.
