Hardly anyone is building or buying condos in Toronto anymore as market flops

  • 📰 blogTO
  • ⏱ Reading Time:
  • 38 sec. here
  • 15 min. at publisher
  • 📊 Quality Score:
  • News: 63%
  • Publisher: 63%

Toronto Noticias

Real,Estate,Housing

Though higher interest rates and unyieldingly prohibitive home prices have made Toronto completely unaffordable to all but a select few, the housin...

The market is on track to see more activity and even higher prices in the months to come — that is, with the exception of one segment.

With only 1,461 units sold in the GTHA during the first quarter of 2024, the firm writes that the market is in the second-worst slump since the financial crisis of 2009. In response to this dismal level of activity, developers are"dramatically" pulling back on launching new complexes in and around the city, with 75 per cent of new condo buildings opened so far in 2024 debuting in York Region rather than Toronto proper.

As Urbanation notes,"with pre-construction sales falling well below typical construction financing requirements of at least 70 per cent absorption, construction starts have experienced a sharp decline." Some 60 buildings that were due to open this year have also halted progress in wait.

Hemos resumido esta noticia para que puedas leerla rápidamente. Si estás interesado en la noticia, puedes leer el texto completo aquí. Leer más:

 /  🏆 44. in ES
 

Gracias por tu comentario. Tu comentario será publicado después de ser revisado.

España Últimas Noticias, España Titulares

Similar News:También puedes leer noticias similares a ésta que hemos recopilado de otras fuentes de noticias.

Most actively traded companies on the Toronto Stock ExchangeTORONTO — Some of the most active companies traded Thursday on the Toronto Stock Exchange: Toronto Stock Exchange (22,051.79, down 60.67 points): Toronto...
Fuente: YahooFinanceCA - 🏆 47. / 63 Leer más »