New Toronto condo sales slump, but prices keep climbing

New condominium sales in the Greater Toronto Area declined in the second quarter of 2022 as prices climbed to a record high in April, May, and June.The data collected in a recent market research study by Urbanation Inc. showed that 6,792 units were sold in Q2, marking a drop of 19 per cent from the first quarter and 24 per cent year-over-year.At the same time, prices for those new units rose to a historic $1,453 per square foot, which the firm says is partly the result of an increase in inventory in higher-priced projects in the city.“The new condominium market is likely to continue slowing in the near-term from last year’s record highs as presale buyers act cautiously and developers delay new openings, with a focus on finishing projects already underway,” Urbanation President Shaun Hildebrand said in a news release issued Tuesday.
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