Rising interest rates and market uncertainty continued to impact the Greater Toronto Area new condo market in Q3-2023, according to a report from Urbanation.
and market uncertainty continued to impact the sale of new condos in the Toronto region over the summer months, according to a new report.
While this marked a 41-per cent increase from a year ago, “when presale activity was effectively ground to a halt as interest rates began rising rapidly,” the Q3-2023 results still represented the second lowest third quarter total of the past 20 years.Year-to-date new condo sales totaled 9,568 units, a 47-per cent decline from the same quarter in 2022, hitting their lowest level in 10 years, the Toronto-based real estate consulting firm said.
Unit prices for projects launched for presale in the third quarter of this year averaged $1,216 per square foot, dropping 18 per cent from the record high average of $1,485 one year ago.
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