A substantial number of condo complexes that were supposed to open their doors to residents in and around Toronto recently have now been halted indefinitely due to the faltering market.
These buildings make up 21,505 units that were expected to come to market, with anyone who bought a unit preconstruction now left in the lurch and facing rising home prices. It is also down from the same time last year, when 61 per cent had been pre-sold, and the year before that, a heydey when this figure was 85 per cent.
The number of condos at any stage of unfinished progress in the region is now 91,590 units, which is actually not the worst thanks to a high number of completions so far this year, amounting t0 12,132 units.
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