Plummeting sales and market uncertainty has put dozens of new Toronto condos on pause

The Toronto condo market, which was once a boon for first-time homeowners and investors, is in a massive downturn due to high interest rates and a shaky economy. Urbanation's report shows that many projects have been put on hold due to the drastic slowdown in sales, with a total of 13,721 units being shelved this year. This has caused a decrease in new units introduced to the market, with a 47% decrease in new condos sold compared to last year. The government is pushing for more housing to keep up with demand, but high interest rates, vacant home taxes, foreign buyer bans, and the general cost of