Toronto wary of condo correction
TORONTO`A condominium-building boom is lifting Canada's largest city into the same stratosphere as London, Sydney, Vancouver and Miami, but deepening the worries about a potential tumble.
Buyers snapped up 1,986 condominiums in Toronto in July, up 28% from a year earlier, according to the Canadian Real Estate Association. Average prices have surged 8% to 9% a year for the past five years, climbing to 304,000 Canadian dollars (US$306,900).
Rows of sparkling condo towers line the shores of Lake Ontario, while cranes dot the inland skyline near the tony neighborhood of Yorkville, a magnet for visiting pop-music and Hollywood celebrities. In May, a local real-estate developer announced that an undisclosed foreign buyer paid a record C$28 million for a sprawling unit in a tower of luxury condominiums anchored by a Four Seasons Hotel.
Read the full article here.
TORONTO`A condominium-building boom is lifting Canada's largest city into the same stratosphere as London, Sydney, Vancouver and Miami, but deepening the worries about a potential tumble.
Buyers snapped up 1,986 condominiums in Toronto in July, up 28% from a year earlier, according to the Canadian Real Estate Association. Average prices have surged 8% to 9% a year for the past five years, climbing to 304,000 Canadian dollars (US$306,900).
Rows of sparkling condo towers line the shores of Lake Ontario, while cranes dot the inland skyline near the tony neighborhood of Yorkville, a magnet for visiting pop-music and Hollywood celebrities. In May, a local real-estate developer announced that an undisclosed foreign buyer paid a record C$28 million for a sprawling unit in a tower of luxury condominiums anchored by a Four Seasons Hotel.
Read the full article here.