shows that condos listed for sale in the GTA are now sitting around unsold for 3.5 times longer than they were earlier in the year.
While units of all sizes in the region stayed on the market for an average of only eight days back when the landscape was hotter in February, that number has now reached a shocking 28 days, which is a huge stressor for realtors who are used to Toronto's notoriouslyOf course, the current lending rates are a huge factor, leading to dwindling demand as people are generally finding themselves in tougher financial straits amid record inflation and sky-high living costs.
Even if one can secure a deal on a home during this lull, the interest rate on their mortgage will likely not make the purchase worth it, tacking on tens of thousands more than the cost would have been just months ago. Strata does note that despite all this,"it's actually quite remarkable that condo values have remained as stable as they have," attributing prices to"the patience of sellers, who are now waiting longer to accept an offer, on average, than at any point since early 2021."
Prices will have to drop….
If only we could build them faster.
Stop trying to get Winter 2022 prices…