Toronto condo sales were down nearly 20 per cent during the second quarter of the year as elevated interest rates continued to weigh on the market.released by the Toronto Regional Real Estate Board shows that just 5,474 condos changed hands in April, May and June, compared to 6,824 during the same time period last year.“The condo market is very sensitive to interest rates, given that this segment is a traditional entry point into homeownership.
It has now cut rates at two consecutive meetings and has suggested that further reductions are forthcoming so long as inflation continues to slow.In its report, TRREB noted that GTA condo listings surged by 36.5 per cent in the second quarter, resulting in “elevated” inventory levels.
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