The number of townhouses sold in the Greater Toronto and Hamilton Area fell by 84% in the third quarter, according to data compiled by Zonda Urban. The entire multi-family sector slowed with 2,891 units sold \u2013 a 61% drop from a year ago.<\/p>\n
\u201cRapidly rising interest rates are having an impact, along with strategic pull-back by developers,\u201d said Pauline Lierman, Zonda Urban\u2019s vice president market research (ON\/QC). \u201cThe market has slowed, but there is a lot of testing of the waters ongoing.\u201d<\/p>\n
Launch activity for new condos was nearly halved compared to the same quarter last year. Fourteen projects were launched, bringing 4,391 new units to the market \u2013 40 percent of which sold.<\/p>\n
\u201cThe development industry\u2019s cautions approach as the market moved into the summer months came to bore in sales volumes for the quarter,\u201d Lierman said. \u201cWhile Q3 often provides a breather between the busy spring and fall seasons, the summer drop in volume was sharp.\u201d<\/p>\n
With the introduction of Ontario\u2019s More Homes Built Faster Act that was released last week, construction capacity in the GTHA is at the forefront of conversations about Ontario\u2019s low supply of multi-family housing.<\/p>\n
There were 6,920 new multi-family units available at the end of 2022\u2019s third quarter \u2013 5,702 were condominium apartments and 1,218 were townhouses.<\/p>\n
The average blended index price in the GTHA for apartments in the third quarter was $1,105 per square foot and $706 PSF for townhouses. Townhouse index prices remailed relatively stable compared to last quarter, and apartment index prices increased by 1.3 percent.<\/p>\n
Index prices for newly launched condos saw an uptick to $1,520 PSF in the third quarter as several marquee upper-market projects opened in downtown and midtown Toronto.<\/p>\n
The news wasn\u2019t all bleak – a record 11,278 apartment units started construction in the quarter, breaking the previous record of 9,086 units seen in the second quarter of this year.<\/p>\n
Since April, 20,364 units have begun construction.<\/p>\n
The number of townhouses sold in the Greater Toronto and Hamilton Area fell by 84% in the third quarter, according to data compiled by Zonda…<\/p>\n","protected":false},"author":52,"featured_media":226558,"comment_status":"closed","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"content-type":"","apple_news_api_created_at":"2022-11-03T17:12:53Z","apple_news_api_id":"cb263abe-dec0-4830-917a-46bf40b9b9ec","apple_news_api_modified_at":"2022-11-03T17:12:53Z","apple_news_api_revision":"AAAAAAAAAAD\/\/\/\/\/\/\/\/\/\/w==","apple_news_api_share_url":"https:\/\/apple.news\/AyyY6vt7ASDCReka_QLm57A","apple_news_coverimage":0,"apple_news_coverimage_caption":"","apple_news_is_hidden":false,"apple_news_is_paid":false,"apple_news_is_preview":false,"apple_news_is_sponsored":false,"apple_news_maturity_rating":"","apple_news_metadata":"\"\"","apple_news_pullquote":"","apple_news_pullquote_position":"middle","apple_news_slug":"","apple_news_sections":["https:\/\/u48r14.digitalhub.com\/sections\/09b86915-7d2b-3acd-915b-b215002d01b7"],"apple_news_suppress_video_url":false,"apple_news_use_image_component":false,"footnotes":""},"categories":[11108],"tags":[11163,11198,3595,3481],"coauthors":[10598],"apple_news_notices":[],"yoast_head":"\n