Toronto real estate: Condo sales were down nearly 20 per cent in second quarter [Video]

Toronto condo sales were down nearly 20 per cent during the second quarter of the year as elevated interest rates continued to weigh on the market.

New data released by the Toronto Regional Real Estate Board (TRREB) shows that just 5,474 condos changed hands in April, May and June, compared to 6,824 during the same time period last year.

The data comes just one week after real estate research firm Urbanation released a report showing that new condo sales plummeted to a 27-year low in the first half of the year amid a “sharp downturn in construction starts.”

“The condo market is very sensitive to interest rates, given that this segment is a traditional entry point into homeownership. With monthly payments remaining high and average rents edging lower over the past year, many would-be buyers remain on the sidelines,” TRREB President Jennifer Pearce said in a news release accompanying the data. “However, over the next year, an improving affordability …