Concerns that condo projects may be reaching market saturation in urban centres may be on the decline, as the CMHC reports an October downturn for new construction. While a busy construction industry means jobs and economic growth, could this be a good move for Canada’s housing market?
Toronto condos have experienced a resurgence, as prices and sale numbers climbed in June. Now, the average condo will set Torontonians back more than $367,000, according to the Toronto Real Estate Board.
Mortgages Spotlight: Toronto condo sales are at 10-year lows. What has happened to the first time home buyer segment, which traditionally has driven condo sales?
Various reports point to a slowdown for Canada’s future housing market, as attempts to calm Canadian borrowing levels lead to higher mortgage rates, and developers take a more cautious approach.