It took long enough, but higher interest rates are starting to have a negative impact on the housing market. A big problem today is that buyers of pre-sold condos, who often put a deposit down years in advance, are starting to walk away as they can now pick up a similar unit at a greatly reduced price. Whoever financed these projects is going to be looking at a very ugly balance sheet going forward.
New condo sales in the Greater Toronto and Hamilton Area are continuing to drop off, falling 81 per cent in the third quarter of 2024 compared to the same period last year, according to a new report by Urbanation.
The report, published Friday, shows that in the third quarter of this year, there were just 567 new condo sales in the GTA and Hamilton, the lowest quarterly total since 1995. This also represents a 87 per cent decline from the 10-year average for third-quarter sales in the region.
Good! Let the bastards who voted for this crap show reap their rewards.
A 73% drop in condo starts from a couple years ago. Yet there is a housing crisis. Voters wanted NDP/Liberal racists to turn this country upside down and tear it up, their wishes are coming true.
Prices will have to drop a lot more before the people who need housing can afford housing.
One hell of a lot more Rusty. In our area semi’s, units in triplexes and fourplexes are still selling for 600,000 plus.
I did not realize that Indian immigrants had so much money.