Why are so many Toronto condos sitting empty?

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The condo market in Greater Toronto, whether it’s resale or new, is struggling.

According to a recent CIBC Economics study, sales have “have dived off a cliff” to their lowest level since the late 1990s. Some condos in Toronto are now sitting empty for six to seven months, despite an ongoing housing crisis in the country.

John Pasalis has been looking into why this is happening. He’s the president of Realosophy, a realty brokerage in Toronto. He’ll talk to us about the road that led to this point…and what can be done about it.