Investors who closed on a condo in 2023 had negative monthly cash flow of $597
The report showed that investors who closed on a condo in 2023 had negative monthly cash flow of $597, up from $223 per month in 2022, while in 2021 and 2020, investors were still on average making monthly profits.
The report says higher interest costs, along completions on higher-priced condos, drove up ownership costs by 21 per cent last year, far ahead of the eight per cent rise in rents.
Authors Benjamin Tal and Shawn Hildebrant say the financial picture is dramatically slowing sales and condo completions, which will create a stagnation in housing stock in the coming years.