Some of this is due to higher prices. Most of the reduction in new development transactions is a result of less new product. New development is grinding to a halt due to the anti-development actions of the former Provincial Government and the City Planning Department. Projects selling currently were approved years ago and are just working through the system. Once these are done there is not much coming. The new norm will be 10,000 – 15,000 new condo sales per year. This is well below what’s needed for expected population growth and demand. We are facing a significant supply shortage issue and likely higher prices in the core. You can thank the government for this problem.
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