Oct. 21 (Bloomberg) -- Sales of new houses and condominiums in Toronto plunged 26 percent this year to the lowest since 2003 as developers pulled back on projects.
Sales of new low-rise units dropped to 8,878 from January to September from 11,604 in the same period last year and high-rise sales fell to 10,449 compared with 14,399, according to data released today by RealNet Canada Inc., a Toronto-based real estate research firm.
Developers planned to build 20,722 new homes and condos during the first nine months of the year, a 31 percent drop from the same period last year, according to RealNet’s report.
The cost difference between houses and their high-rise counterparts reached a record C$226,016 ($219,454) in the city, with houses forecast to continue losing affordability for many residents.
“They continue to move in opposite directions,” George Carras, president of RealNet, said in a quarterly conference call today.
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