|Toronto Condo Median Prices from TREB|
Condos in the TREB area are down 1% from the peak (still, but just barely) or $2500
Condos in Toronto City are down 1.5% from the peak or $5100
Condos in Toronto Central are down 4.4% or a loss of $17,000, which is enough to put a 5% down buyer well underwater not including transaction costs.
Currently about 3 months of inventory.
Including transaction costs, all recent buyers with minimum downpayments will need to bring a check to sell.
Condos are more like cars than houses. When the manufacturers are regularly turning out new cars/condos, there is no reason to go to the used car/condo lot to spend more money. Anyone wandering into the used car/condo lot is going to expect a discount.
data from: TREB Market Watch