GTA new housing market flat in October, says BILD

Condo sales in the Greater Toronto Area (GTA) are at their lowest levels in a decade, with only 1,872 new home sales in October, down 7% from the previous year. Inventory levels have exceeded 21,000 units for the first time since 2016. The decline in sales is attributed to current monetary policy, interest rates, and affordability issues. Builders are testing the market with new launches to gauge buyer interest. The market is expected to improve with indications of more moderate interest rates.

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