Why first-time buyers aren’t flocking to the Toronto condo market even as prices slide

Toronto's condo market faces a deep downturn with prices dropping 9.3% year-over-year, yet average prices remain high at around $680,000, deterring first-time buyers. Despite a slight sales increase, affordability is a major issue due to high prices and interest rates, leading to monthly costs over $4,000. Oversupply of small, poorly designed "micro-condos" worsens the situation, as investor demand declines and owner-occupiers hesitate to buy.