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Condo boom: Why cranes dominate Toronto's skyline
There were a record 196 condo projects under construction in the Toronto census metropolitan area at last count (the end of June). Sales of newly built high-rise units downtown this August were about half what they were a year ago, according to RealNet, a real-estate research firm. Prices are slipping ` in August they were about 4 per cent lower than the year before ` and many economists believe that a glut is forming that will cause prices to drop further.
According to Urbanation, a market research firm, the number of unsold condo units in the Toronto area in June hit a high of 18,123 (a figure that includes projects that are not yet completed). `With plenty of potential resale condo supply coming over the next year, Toronto is quickly heading for buyers` market territory for the first time (depending on your definition) since the recession,` economists at Bank of Montreal wrote this week.
`It`s an extremely crowded market,` said Urbanation`s Ben Myers. `They have to somehow differentiate themselves from the competition if they want to make sales.`
Read the full article here.
There were a record 196 condo projects under construction in the Toronto census metropolitan area at last count (the end of June). Sales of newly built high-rise units downtown this August were about half what they were a year ago, according to RealNet, a real-estate research firm. Prices are slipping ` in August they were about 4 per cent lower than the year before ` and many economists believe that a glut is forming that will cause prices to drop further.
According to Urbanation, a market research firm, the number of unsold condo units in the Toronto area in June hit a high of 18,123 (a figure that includes projects that are not yet completed). `With plenty of potential resale condo supply coming over the next year, Toronto is quickly heading for buyers` market territory for the first time (depending on your definition) since the recession,` economists at Bank of Montreal wrote this week.
`It`s an extremely crowded market,` said Urbanation`s Ben Myers. `They have to somehow differentiate themselves from the competition if they want to make sales.`
Read the full article here.