Land Prices Down 60%: The Condo Market Collapse & Rise of Rental Housing

In this episode, I talk with Jeremiah Shamess about the major shift happening in Toronto's land and development market. Jeremiah explains how land values peaked in 2022 and are now down as much as 60 percent because the pre-construction condo market has stalled and very few developers are buying. Most of the buyers still active are focused on purpose-built rental, and he says about two-thirds of the land for sale right now is power of sale, reflecting real distress among owners who bought at the peak.

We also discuss how investor demand reshaped the condo market. Ten years ago, about half of pre-con buyers were end users, but as investors took over, developers shifted to producing micro units instead of livable homes for families.

Jeremiah believes we are entering a new era, where rental housing will dominate new construction rather than owner-occupied condos.

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The Move Smartly show is hosted by John Pasalis, President and Broker of Realosophy Realty. MoveSmartly.com and its media channels on YouTube and various podcast platforms are powered by Realosophy Realty in Toronto, Canada.

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