New condominium sales plummeted to a 27-year-low during the first six months of 2024 as a “sharp downturn in construction starts” in Toronto continued to impact inventory levels, a new report by a real estate research group suggests.
Urbanation Inc. says that just 3,159 new condo units were sold in the Greater Toronto and Hamilton Area during the first half of the year, representing a 57 per cent decline from the same time period one year prior and a 72 per cent drop as compared to the 10-year average.
Urbanation says that it was also the slowest first half for new condo sales since 1997.
“With condo prices still near record highs and only a modest 25 basis point decline in interest rates in June from their 22-year high, buyers remained cautious in anticipation of further rate cuts and amidst a burgeoning supply of units for sale,” Urbanation President Shaun Hildebrand said in a news release. “The continued weakening …