Toronto’s new condo market crashes: sales down 84% year-over-year, 91% below 10 year average.

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“The GTA new home market remained practically frozen with inaction in October 2024,” Edward Jegg, research manager with Altus Group, BILD’s source for new home market data, said in the report.

“However, conditions are starting to align with inflation in check, resale activity surging, interest rates falling, and upcoming changes to mortgage rules all pointing to buyers jumping back into the new home market in the coming months.”

Recent data indicates buyers are entering the market again after a sluggish 2023 now that the Bank of Canada has had four consecutive interest rate cuts boosting home resales. It could bring buyers back into the new home space, BILD says, especially next year after more rate cuts.

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https://www.thestar.com/real-estate/toronto-area-new-home-sales-frozen-with-condo-deals-falling-91-per-cent-below-the/article_1acc8bf8-a828-11ef-950f-038cc1ab61a1.html