The Greater Toronto Area, known up north as the GTA, will see the delivery of a record number of new condo units in 2023, according to a new report from real estate data analysis firm Urbanation.
But the influx of new supply is not expected to impact on affordability as most of the new condos have been pre-sold to investors planning to rent out the units.
The report anticipates that 32,000 condo units will be completed this year, exceeding the previous record of 22,473 in 2020. It also projects the delivery of 7,740 purpose-built apartments, the highest total in more than 30 years.
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