A recovery in Canada’s housing market looks set to be a drawn-out process, with Toronto’s condo segment fighting an especially heavy malaise.
The central bank’s policy rate now stands at 4.5 per cent but the reductions have not drawn a lot of buyers into the market.Olivia Cross, North America economist with Capital Economics, notes that second quarter economic growth was a touch stronger than expected at 2.1 per cent annualized, but she expects thewill cut its benchmark rate at each meeting of the policy-setting committee this year as Canadian households are increasingly feeling the pressure of high borrowing costs.
“If their expectations can’t be met, I’m exceptionally transparent right now,” he says. “In some cases, I can’t take the business on.”“Right now, that’s the total of our business. There’s no case at the moment for why a condominium would make a great investment.” Returning affordability to pre-pandemic levels is going to take either plenty of time or a significant adjustment in rates, prices and incomes, Mr. Guatieri and Mr. Kavcic say.
With a position on the top floor, unit 813 has 2,195 square feet of interior space, skylights, a private elevator and a 1,500-square-foot terrace overlooking parkland. The property included two parking spaces, but an interested single buyer balked at having to pay for a second spot when she only has one car.
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