GTA New Condo Sales Remain Near 20-Year Low in Q3 by survey of Urbanation

The survey found that:
-Year-to-Date New Condo Sales Fall 47%
Greater Toronto Area (GTA) new condominium sales totaled 2,664 units in Q3-2023, up 41% from a year ago in Q3-2022 when presale activity was effectively ground to a halt as interest rates began rising rapidly but representing the second lowest Q3 total of the past 20 years. Year-to-date sales of 9,568 units were at their lowest level in 10 years and down 47% from the same period in 2022.

-40 Projects Remain on the Shelf.

-Average sale prices decreased as buyers and developers focused more of their activity on lower priced locations mainly in the 905 Region, which represented more than half (54%) of total Q3-2023 sales.

-A more than 10-year low of 1,798 new condominiums started construction in the GTA during Q3-2023, declining 72% from Q2-2023 (6,496 units) and down 86% from the record high a year ago in Q3-2022 (12,597 units)