Toronto-area new condo sales remain near 20-year low: new report

According to Urbanation Inc.'s Q3-2023 Condominium Market Survey, the sale of new condos in the Toronto region in the summer months of November 2023 has been impacted by rising interest rates and market uncertainty. A total of 2,664 new condo units were sold in the GTA, representing a 41% increase from a year ago, but the second lowest third quarter total of the past 20 years. Prices for new condos have also decreased, averaging $1,216 per square foot, a drop of 18%. Activity is showing signs of improvement, with 19 condo projects and 6,916 units brought to market in the