Condo market faces ‘significant slowdown’

Watch: High interest rates and affordability challenges hitting condos, Urbanation’s Shaun Hildebrand says

Published Feb 10, 2024  •  Last updated 5 hours ago  • 

Balconies on condominiums in Buraby, B.C. The condo market has slowed in Canada. Photo by Jason Payne/PNG

Shaun Hildebrand, president of Urbanation Inc., talks with the Financial Post’s Larysa Harapyn about the state of the Canadian condo market.

Hildebrand said sales of new condominiums fell significantly last year and new construction starts have plunged, with more of the same expected in the coming months. The market is being hit by interest rates at a 22-year high and an erosion in affordability, he said.

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