An additional 8,000 units would have been added to the Toronto and Hamilton area's housing supply stock if not for affordability challenges brought on by sticky inflation and rate realities.Thirty-one condo projects across the Greater Toronto and Hamilton Area that were on track to launch since the second half of 2022 are yet to come to market, according to figures provided to STOREYS by Urbanation.
“On top of that total, there are many more projects that would have come to market if conditions were better. The current pipeline of projects that are readying for launch totals approximately 30,000 units. However, the majority will not likely end up launching anytime soon.”, points out that “most builders require around 75% in pre-sales before they can secure financing to build,” and that many have not been able to hit that threshold.
He also notes that projects that are selling relatively well right now are coming from more established developers. Reputation has become increasingly key for trigger-shy purchasers.
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