Hardly any developers are building homes in Toronto as market continues to plunge

Toronto's real estate market is facing significant challenges, with a 68% year-over-year drop in new home construction, the largest decline among major Canadian cities. Sellers are becoming desperate as new listings flood the market while sales remain low, particularly affecting condos. Stakeholders are urging government intervention to reduce taxes and fees hindering development. In contrast, other cities like Montreal and Ottawa-Gatineau have seen increases in housing starts, highlighting Toronto's unique struggles in the current economic climate.