Toronto new condo sales decline 19%, prices rise: Urbanation

Sales of new condominiums in the greater Toronto area declined by 19% sequentially in the Q2 of this year, while the average price per square foot reached a record high of $1,453, according to Urbanation Inc.

A total of 6,792 new condo units sold in Q2 of 2022, plummeting 24 per cent compared to a year prior. Sales did however remain above the 10 year average.

The drop in buying activity caused 11,703 new condo units to remain unsold, marking a 36 per cent increase from the 18-quarter low in the first quarter of 2022. Despite this uptick, the figure is still a six per cent decline annually.

While new condo purchases slowed, the cost per square foot of these units surged by 20 per cent on an annual basis, reaching an all-time high.