Transactions for new condo units in Toronto dropped 64% in 2024, marking the lowest sales since 1996, according to Urbanation. This decline is attributed to negative cash flow, financing challenges, and falling prices. Only six projects launched for resale in Q4 2024, with a mere 10% sold. Despite a record number of new condo completions in 2024, experts predict continued softness in the condo market in 2025, with Royal LePage forecasting a 1% price decline by year-end.
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