The data collected in a recent market research study by Urbanation Inc. showed that 6,792 units were sold in Q2, marking a drop of 19 per cent from the first quarter and 24 per cent year-over-year.
New condominium sales in the Greater Toronto Area declined in the second quarter of 2022 as prices climbed to a record high in April, May, and June.
“The new condominium market is likely to continue slowing in the near-term from last year’s record highs as presale buyers act cautiously and developers delay new openings, with a focus on finishing projects already underway,” Urbanation President Shaun Hildebrand said in a news release issued Tuesday.And those sky-high prices aren’t expected to come back down any time soon, something Urbanation attributes to the number of prospective renters in the market.
“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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