The condo market is expected to continue experiencing the weakest conditions this year as completions remain at a record high.

As a result, average condo prices have declined 6.4% year-over-year to $683,413, with a 12% drop since 2022, bringing prices to their lowest May level since 2021.

However, with presale activity and construction starts falling to multi-decade lows, completions will begin to pull back later next year and provide support for the market.

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