Toronto Condo Market Sees Record Slump

0:00For the first time in decades, zero new condo projects launch in the greater Toronto and Hamilton area during the first quarter. Sales hit a 35-year low with just 246 units sold, according to real estate analysts at Arbination. That marks a 54% drop from last year, and 94% below the 10-year average. The market slump is now in its fifth year, and swelling inventory from recent completions keeps pushing prices down. A record 4,295 new condos set on sold at quarters in, more than double last year's figure. Another 8,629 units are slated to hit the market soon, while completions rose 17% year over year. Developers slashed asking prices to about $1,189 per square foot, down 5% from last year and 13% off 3-year peaks. Still, that's 38% above resale prices in similar spots, the widest gap ever. Arbination's president Sean Hilderbrand notes some new moves to boost sales and cut inventory, but with buyer confidence shaky and demand cooling any.

1:07Rebound will start slow. This has been Canada News Today, powered by AI.