GTA’s new home market slows down significantly

Mortgage Broker News (Ephraim Vecina)/August 28 

Sales of new homes in the Greater Toronto Area fell by 44% on a year-over-year basis in July, per the latest data from the Altus Group.

The significant slowdown also marked a 55% decline from the 10-year average, according to Altus. Sales activity in the condo segment (covering low-, medium-, and high-rises) as well as stacked townhouses and loft units fell by 52% year-over-year and 40% from the 10-year average.

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