There’s a glut of empty condos in Toronto. The number of vacant completed condos in the city soared to an all-time high in May, National Bank Financial said Tuesday in a note, citing data from Canada Mortgage and Housing Corp. The number of vacancies hit 2,837 in May, up from 2,038 a month earlier, as the absorption rate – the percentage of condos completed during the month either sold or rented – fell to 69.5 per cent. “It would be premature to think that the absorption rate will stay low, causing persisting accelerated increases in the number of vacant completed condos,” National Bank Financial said.
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