GTA new condo sales see slowest first half of year since 2013: Urbanation – Toronto

Urbanation Inc. says Greater Toronto Area new condo sales experienced their slowest first half of the year since 2013.

The real estate analysis company says the first six months of this year brought 6,727 in new condo sales, 59 per cent below the sales seen during the same period of 2022.

This year’s first half is 42 per cent below the first half 10-year average of 11,516 units sold.

Urbanation describes the market as tepid and says sales have been much lower because buyers were concerned because of the Bank of Canada’s interest rate hikes.

Those concerns weighed on new GTA condo prices, which recorded their first annual decline in 10 years.

Urbanation’s data shows the average price for available new condominiums decreased 1.3 per cent quarter-over-quarter and 2.2 per cent year-over-year to $1,411 per square foot.

It saw the market respond by reducing prices and offering incentives, like cash back or credits on closing, mortgage rate guarantees, and free or reduced parking, lockers or unit upgrades.