Sales of condominiums in the Greater Toronto Area (GTA) last month were the lowest they’ve been in July in 23 years, according to the Building Industry and Land Development Association (BILD).
The association says rising interest rates have left prospective buyers cautious, as a shortage of supply continues to negatively impact affordability across the market.
Single-family home sales in July rebounded from last year, and were up a massive 281 per cent, but were still 51 per cent below the 10 year average, BILD says.on Tuesday found that there was a burst of sales of detached homes in the second quarter of this year due to a dip in prices, but subsequent rate hikes a supply shortages pushed many prospective buyers back to the sidelines.
The report found that detached home prices in nearly every corner of the GTA were more affordable during the first half of this year compared to 2022. In Toronto, just four neighbourhoods saw an average value increase of detached homes, according to RE/MAX data.
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