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Vancouver Presale Condo Market Faces Higher Prices And Costs, But Fewer Cancellations Than In Toronto

Vancouver presale condo market faces higher prices and costs, but fewer cancellations than in Toronto

By Joanne Lee-Young for Vancouver Sun

News that some builders in Toronto’s hot condo market are bailing on pre-sale projects poses the question: And, what about in Vancouver?

After all, this is also a market with skyrocketing pre-sale condo prices, as well as construction and land costs.

In the greater Toronto area, some 17 projects, with over 3,600 pre-sale units offered for sale before 2017, were awaiting construction.

But they have been cancelled since the start of last year, according to real-estate-services firm Altus Group Ltd., which was quoted by Bloomberg in a piece called “That Gorgeous Toronto condo you signed up for? They just scrapped it.”

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Generally, Toronto developers have been cancelling in greater numbers compared to past years because it’s harder to make money now that construction costs are more expensive and every subsequent pre-sale launch is asking for higher prices.

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