A downturn that is really starting to wreak havoc:’ New condo sales in GTHA continue decline as developers cancel more projects
The Greater Toronto and Hamilton Area new condominium market saw just 502 sales in the last quarter, prompting one real estate analysis firm to speak out about what it says is a “downturn that is really starting to wreak havoc.”
The number was included in Urbanation’s latest report, released Tuesday.
The firm said that the 502 new condominium units that changed hands in the second quarter marks a decline of 69 per cent compared to the same time period last year and represents a 91 per cent drop compared to the 10-year average.
