With sales being harder to come by, developers may have realized that launching in the fall of 2023 was a mistake, thus the sharp drop off come the new year.When it comes to high-rise condo launches in the Greater Toronto Area this year, the market has been pretty quiet. In fact, until just a few days ago, it hadn't made a single peep.
Interestingly, 2024's lack of launches isn't the result of a steady month-over-month decline throughout 2023, either, Taube says. Instead, it was much quicker drop off, with launches actually having surged as recently as the fall. Ed Jegg, Research Manager at Altus Group, notes that in October alone, there were 11 high-rise launches — something that pushed inventory to its "highest level since early 2016 and well above the 10-year average... for October," he said.
Taube does point to two exceptions, Lifetime Developments and Diamond Corp's Q Tower in Toronto and CentreCourt's Pickering City Centre Tower 1. compared to high-rise , something that could be appealing to many buyers.