Just 3,159 new condo units were sold in the first half of 2024, down 57 percent from the same time a year ago and 72 percent below the 10-year average with unsold inventory nearing 26,000 units.

Most of the units were preconstruction - condos that have yet to be built. Despite lack of demand, condo prices have only slipped 2.6 percent over the past year with developers refusing to take the financial hit of high interest rates.