The condo market’s collapse is now beginning to “wreak havoc” as inventory piles up to a record high, according to the president of Toronto-based real estate consulting firm Urbanation, Shaun Hildebrand. New condo sales in the Greater Toronto Hamilton Area also declined quarter-over-quarter by 10 per cent to 502 units, the report from Urbanation showed.  (The Logic)

Talking point: The second quarter is typically the year’s strongest, but sales activity was 91 per cent below the 10-year average, according to the report. Falling sales are leading to an inventory glut, with a record-high 2,478 completed new condo apartments available—a 102 per cent year-over-year increase. “Project cancellations are mounting, construction starts are collapsing, jobs are being lost, buyers are losing a lot of money, and developers are facing difficulties with closings,” Hildebrand said.