High interest rates, market uncertainty continue to ‘grip the new condominium sector’ in the GTA, report finds

According to Urbanation's Q3-2023 Condominium Market Survey, new condo sales in the Greater Toronto Area have dropped 47% year-over-year, with only 9,568 units sold since the start of 2023. This is the lowest level in the past decade. The report noted that while 2,664 new units were sold in the third quarter of 2023, up 40% from the same period in 2022, it attributes the slump in sales to rapidly rising interest rates. Construction starts for new condos have also dropped 86% year-over-year, and prices for new condos have decreased 18%. The report

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