Following the frenzied conditions of 2021, real estate in the GTA inched back down to earth in 2022, as the high-interest-rate environment took some of the steam out of the market.

While the popularity of single-family homes dropped substantially, the condo market emerged relatively strong. The latest available data from the Building Industry and Land Development Association (BILD) put new home sales at 1,330 units in November, with almost 80% of those being sales of new condominium apartments, at 1,053 units sold.

But the condo market’s strength during these inflated times comes as no surprise, explained Shaun Hildebrand, President of real estate consulting firm Urbanation, in a previous interview with STOREYS.

“Typically, when ownership affordability erodes this much — this is happening obviously as a result of the big jump in interest rates — an increasing proportion of housing sales tends to go into the condo segment. And that’s something that we’ve been seeing in recent months,” he said.

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