Toronto Condo Developers See Lowest New Unit Sales in 27 Years
- Sales in the first half of the year fell 57% from 2023
- Trend does little to cut prices as development costs stay high
Condo buildings under construction in Vaughan, a suburban region of greater Toronto.
Photographer: Cole Burston/BloombergThis article is for subscribers only.
Toronto’s condominium developers saw sales of new units fall to the slowest pace in 27 years as high interest rates temper demand despite a shortage of housing.
Sales of newly built condos in Canada’s largest city fell 57% from last year, to just 3,159 transactions in the first half of this year, consultancy Urbanation said in a report Thursday. That’s the fewest in the first half of a year since 1997, helping unsold inventory rise to a record.