New construction condo sales hit 15-year low, pointing to long-term trouble for the market. After an ‘overheated’ last few years, ‘developers are very cautious and rightfully so,’ says Urbanation president.
The Toronto region’s new construction condo market took its first real pause in 15 years in the second half of 2022, according to Urbanation, a market research firm that tracks GTA development.
New construction condo sales were down only 30 per cent overall in 2022 because of a strong start to the year. Although the average price of a new condo increased 8 per cent year over year in 2022, by the fourth quarter prices had slipped 2 per cent annually on a per-square-foot basis to $1,329, according to an Urbanation report published Wednesday.
Urbanation says the drop in re-sale condo prices in the last three quarters has helped push down slightly the price of new and pre-construction units. Although there isn’t much developers can do in terms of discounting new condos, they have been offering more incentives to entice buyers who are looking at a record wide gap between new and resale units.
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