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New condo sales drop by 85%!

The pandemic restrictions, especially in the short-rental market, hurt the real estate market quite badly.
In terms of new condo apartment sales during the second quarter — when the province was largely shut down as it grappled with the COVID-19 pandemic — a total of 1,385 units were sold in the GTA.
There was the lowest level of sales activity since the first quarter in 2009 during the recession when 885 units sold.
New condo sales dropped 85 percent year-over-year as only six projects and 1,176 units were launched for presale during the quarter, which compares to 40 projects and 11,415 units launched in Q2-2019.

More here: https://www.thestar.com/business/real_estate/2020/07/27/condo-sales-down-prices-and-construction-up-during-second-quarter.html

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