Toronto-area new condo sales remain near 20-year low: new report
Global News
Rising interest rates and market uncertainty continued to impact the Greater Toronto Area new condo market in Q3-2023, according to a report from Urbanation.
Rising interest rates and market uncertainty continued to impact the sale of new condos in the Toronto region over the summer months, according to a new report.
The number of condos sold through the period failed to reach the 3,000 mark, although the market showed some signs of improving, the industry survey suggests.
The report analyzed the sale of new units, not the resale of condos that were previously bought.
A total of 2,664 new condo units were sold throughout the GTA during the third quarter of this year, according to Urbanation’s Q3-2023 Condominium Market Survey.
While this marked a 41-per cent increase from a year ago, “when presale activity was effectively ground to a halt as interest rates began rising rapidly,” the Q3-2023 results still represented the second lowest third quarter total of the past 20 years.
Year-to-date new condo sales totaled 9,568 units, a 47-per cent decline from the same quarter in 2022, hitting their lowest level in 10 years, the Toronto-based real estate consulting firm said.
Urbanation said new condo sales were impacted by fewer project launches. The firm said 40 projects were expected to launch this year but “remain on the shelf.”
Those projects would have brought a total of 13,721 units to the region’s condo market.
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