Condo data firm Urbanation Inc. expects almost 10,000 Greater Toronto Area condo units to be delayed this year as increasing mortgage rates weigh on home sales.
The firm says it estimated about 35,000 new condo units would launch for presales in the GTA at the start of the year. Close to 16,000 units launched instead during that time period and just 10,000 more are expected through the rest of the year. Urbanation says this calculation leaves almost 10,000 units delayed and is a sign of an overall market slowdown now extending into the pre-construction market.
The firm says new condo sales in the GTA totalled 6,792 units in the second quarter, down 19 per cent from the first quarter and 24 per cent year-over-year.Your time is valuable. Have the Top Business Headlines newsletter conveniently delivered to your inbox in the morning or evening.
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