New construction condo sales hit 15-year low, pointing to long-term trouble for the market

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The slowdown that has continued into January, which saw only two project launches, means there will likely be a shortage of units in three to four years, just about the time that the Ontario government is ramping up its efforts to build 1.5 million new homes by the beginning of the next decade, said Urbanation president Shaun Hildebrand. But for the first time in more than a decade, construction numbers will start declining later this year due to fewer project launches. The 7,669 units launched for presale in the second half of 2022 was less than half of the 16,227 units brought to market in the first half of 2022 and 48 per cent lower than the 14,729 units launched in the second half of 2021.