Cancellations and delays of condo launches are likely, according to a new report. realestatenews Toronto housing
, which not only was a 19% decrease from the previous quarter, but a 24% year-over-year drop. Interestingly, despite this change, sales still remained above the 10-year average of 6,302 units.
At the close of the quarter, the number of unsold condo units sat at 11,703, marking a 36% increase from the 18-quarter low seen in Q1. But this level of unsold inventory is still down 6% year over year, and is 20% below the 10-year average. Indeed, condo prices are continuing to rise, having reached a record-high average of $1,453 psf in Q2. This is a 4% jump from the previous quarter and a 20% annual increase. The report notes that this is partly the result of an increase in inventory at higher-priced projects, but is also influenced by the fact that developers are dealing with rising construction costs,, and higher interest rates, meaning there’s little room for condo prices to fall.
“The strength in the rental market and shift in demand towards more affordable ownership options should provide support for condominium activity as the market works through the effects of higher interest rates,” Hildebrand said.
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