New condo prices in Toronto drop for the first time in a decade: Urbanation

The price of a new condominium in the Greater Toronto Area (GTA) has fallen for the first time in a decade, according to a report from Ubranation Inc.

The average price of a new condo in the region fell 2.2 per cent year-over-year to $1,411 per square foot, the figures revealed. This marks the first annual price drop in 10 years for new condos, the report said.

There were also fewer buyers interested in purchasing a new condo, it revealed.

New condo sales in the GTA fell 35 per cent on an annual basis to 4,610 units sold, and reached a decade low of 28 per cent below the average second-quarter figures, the report detailed.