Toronto new home sales sink to lowest in 20 years
The price of real estate in Toronto is reaching almost comically high levels, and home buyers seem to agree.
According to data from Altus Group, new home sales fell to 25,161 in 2018, which is the lowest on record since the trends were first tracked in 1996.
Single-family home sales truly plummeted, down to just 3,831 transactions last year. This is a whopping 74 per cent below the 10-year average.
This drop in sales is being attributed in theory to investors and home buyers being stunned by rising home prices in the city and refusing to pay the outlandish cost for a new home.
In addition to this, the price of a new condo unit rose 57 per cent in two years.
Altus and other experts in the real estate biz are warning investors that sales and prices are slowing considerably, so investing in a new home might not be as safe or wise of an investment as before.
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