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The Canadian condominium market, once seen as a secure investment for retirement, is currently facing significant challenges. Factors such as an oversupply of units, escalating maintenance fees, and unpredictable property appreciation have made condos a less reliable financial asset. Ben McCabe, CEO of Bloom Finance, highlights that these issues have transformed condos from a dependable retirement plan into a more volatile investment.

The surge in condo listings, particularly in major cities like Toronto and Vancouver, has been driven by increased construction and a decline in investor demand. This glut has led to stagnant or declining sales, leaving many condo owners struggling to sell their properties at favorable prices. For retirees looking to downsize or liquidate their assets, this oversupply presents a significant obstacle.

Financial experts caution that investing heavily in condos can lead to a lack of diversification in one's retirement portfolio. With the current market volatility, retirees are advised to reconsider relying solely on real estate investments. Exploring alternative investment options may provide more stability and security for those planning for retirement.

Read the full article on: Global News