While the cost of a newly built home fell slightly in January in the GTA, buyers remained hesitant, according to new building industry report
New construction home sales in the GTA plunged to a 23-year low in January, as prices dipped on both a year-over-year and a monthly basis with consumers still hesitating to buy amid higher borrowing costs.
New-build condo prices also fell 2 per cent year over year to $1.12 million, a drop from the December benchmark of $1.13 million. The 381 condos that sold last month was the fewest sales for January in 14 years — down 84 per cent from the 10-year average. “Developers, particularly in the condominium apartment sector, continue to bring new units to the market though buyers remain largely hesitant,” Altus research manager Edward Jegg said in a press release.
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