condo developments during the first quarter of this year, according to a new report.
Urbanation said that the drop will be temporary, but that it has created a sellers’ market in parts of the city. There were sales of 4,432 condos in the first three months of this year, down 10 per cent from the same period last year.
The study revealed that there is demand for condos in the GTA
, but there has been a slowdown in supply. Developers delayed land purchases in 2013 due to a sharp drop in sales and the time from acquisition of land to condos being sold can be a few years so it could be a while before supply catches up.
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There was a 58 per cent decline in new