Sales of newly completed and presale units were down 66 per cent year-over-year, and 70 per cent compared to the 20-year average for April through June, the update said.
Of the 3,265 units put on the market, only 17 per cent were purchased the lowest second-quarter uptake in 25 years.
Unsold inventory equals 34 months of supply, roughly three times higher than a balanced level of 10-12 months.
Average asking price for these types of condos has only dropped about 2.6 per cent in the last year, to $1,361 per square foot.
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