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Real estate insolvencies are on the rise, and the worst isn’t over
The One condominium and hotel is pictured under construction at the intersection of Yonge St. and Bloor St. in Toronto, in 2023. The One was placed into receivership in October of that year.Arlyn McAdorey/The Canadian Press
By whatever metric you want to use, Canada is experiencing its worst real estate cycle in decades.
According to data from the commercial real estate data firm Altus Group, 119 “distressed sale” transactions were recorded in 2023 across the country, totalling properties worth $767-million. In 2024, those numbers rose to 191 transactions worth more than $1.5-billion. Last year, 252 distressed sales were registered, totalling more than $1.42-billion.
The asset class seeing the most distress is development land, primarily because it’s hard for developers to advance projects in this market environment and these properties are often non-income-producing. With Greater Toronto and Metro Vancouver being the two biggest residential markets, they are seeing the vast majority of the distress.
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