Nobody is buying Toronto homes anymore as demand drops to lowest level in years Toronto TorontoRealEstate RealEstate
experienced a tough year in 2022, as the number of new home sales declined to its lowest level since 2018 on the back of successive interest rate hikes from the Bank of Canada.
Figures sourced by BILD from Altus Group show a decline in sales of condominium apartments, including units in low, medium and high-rise buildings, stacked townhouses and loft units across the region last year. The 20,917 units sold in 2022 stands at 12 per cent below the ten-year average. Edward Jegg, Research Manager with Altus Group, points out that"GTA new home sales started strongly in 2022 before easing in the second half of the year with annual sales sitting at a 4-year low," but notes that"prices steadied in December after months of declines as buyer demand and builder supply were more closely aligned."
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