show that during the last three months, the average price for a"resale condo" specifically actually trended down, by an an amount that the firm called "mild" in its report: 4.9 per cent, to $940 per square foot.
This even while the number of actual sales of these units was way down — by 19 per cent vs. the first quarter; and 24 per cent vs. the same time last year. They also add that the construction of a staggering 10,000 units of an expected 35,000 new ones to be built in the GTA this year have been put on pause due to the current market conditions, which include an increasing number of unsold units .
No. What the elites do is sell our properties to foreigners. In a couple years, they will say they cannot afford condos. And the city will then buy it back for 'affordable housing' at a cost 100x the price they sold it to them for. This is how corrupt our gvts are.
I guess we don’t have a supply problem after all!
If demand is low than they should lower the price. You can only fight the Law of Supply and Demand for so long before it gets it way. And it will always get its way one way or another.
Demand is not low; prices are too high.
they couldn't build these condo's out in the burbs or way up north? Toronto TorontoRealEstate RealEstate
There you go, back to supply problem.
That title is misleading. Sales went down because of higher interest rates and people not willing anymore to pay the absurd prices these developers are charging. So their plan is to halt construction to keep supplies low on purpose so they don't have to reduce prices.