New GTA Condo Sales Fell to 20-Year Low in Second Half of 2022

New condo sales in the GTA fell to a level not seen since 2008 in the second half of last year. realestate GTA realestatenews condos condomarket

New condo sales in the Greater Toronto Area fell to a 20-year low in the second half of 2022 as uncertainty crept into the market and affordability declined.

A strong start to the year kept 2022’s new condo sales in line with the 10-year average, but, at 21,782 total units, sales were down 30% annually from the near record-high set in 2021. In Q4, sales were down 58% annually.With buyers hesitating, developers pressed pause on many projects that had been slated for release during the summer and fall.

Despite these year-end declines, the peak prices seen in early 2022 resulted in average new condo prices being up 8% annually in Q4.

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