Sales of condos in the core fell 14.8 per cent last month compared with the same month last year, according to the Toronto Regional Real Estate Board
Some shafts of light have started to break through the air of gloom that has been hanging over Toronto ’s condo segment in recent months.
. The average price for a condo unit in the 416 decreased 6 per cent in August compared with August, 2023. Mr. Bibby figured the fashionable location close to the new Ace Hotel and Waterworks Food Hall would be a draw for buyers, along with the 800-square-foot terrace.“We knew it was just a matter of time.”
“If you need it sold in 30 days and you have no backup plan, you absolutely have to take what people are willing to give you,” says Mr. Bibby. Pundits could not have predicted the COVID-19 pandemic, he points out. Buyers in 2021 could not foresee that the Bank of Canada would hike interest rates 10 times starting in 2022.Luke Dalinda, real estate agent with Royal LePage Real Estate Services, says some buyers believe that real estate prices will increase as interest rates decline.He has been involved in a flurry of recent transactions in the city’s west end.
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