found that there were only 1,461 preconstruction condo sales in the Greater Toronto and Hamilton Area so far this year, the lowest number of transactions recorded in the first quarter of the year since 2009, when just 884 sales were made.
The Urbanation report also found that since the market began slowing in 2022, 60 projects, amounting to 21,505 units, in the Toronto region that have been put on hold indefinitely. “The developers who are proactive, who are well capitalized… are giving investors incentives,” Papailias said. “I think when it comes to preconstruction and just real estate in general, purchasers are, you know, they're very educated and they're very savvy as to what's going on in the market. So I think if you're not offering a good product and you're not offering competitive incentives, you're going to lose a purchaser.”
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