Condominium sales in the Greater Toronto Area are at their lowest levels in a decade, prompting builders to shelve dozens of new condo projects for the time being.

Urbanation, a condominium market analyst, reports 40 condo projects — totalling 13,721 units — expected to be available this year have been delayed.

According to their condo market survey results released this month, only 2,491 units were launched for presale in the third quarter this year compared to 2022, representing a 23% drop.

“Elevated interest rates and heightened market uncertainty continued to grip the new condominium sector in the GTA,” Shaun Hildebrand, president of Urbanation, said in a news release.

“While some new launches with competitive price points have seen success, many projects have been unable to make an economic case for proceeding in the current market, causing more supply to be put on hold.”

While new condo sales in the third quarter were up 41% from a year ago when interest rates began rising rapidly and presales nearly ground to a halt, the 2,664 units sold represented the second-lowest third quarter total in the last 20 years.

The 9,568 units sold so far in 2023 marks the lowest level 10 years — down 47% from the same period in 2022.

Keep reading on torontosun.com

• 
•