News Formal

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 News

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.

We have summarized this news so that you can read it quickly. If you are interested in the news, you can read the full text here. Read more:

 /  🏆 44. in ZA
 

Thank you for your comment. Your comment will be published after being reviewed.
Please try again later.

South Africa South Africa Latest News, South Africa South Africa Headlines

Similar News:You can also read news stories similar to this one that we have collected from other news sources.

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...
Source: YahooFinanceCA - 🏆 47. / 63 Read more »