Inflation, rising interest rates create caution across Metro Vancouver’s housing market VANCOUVER, BC –…
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.