“GTA’s hot condo market moderates in first quarter” via “Toronto Star”
Rising development costs and high-profile project cancellations have injected a note of caution into Toronto’s hot condo market, with more project terminations likely to come, says development research company Urbanation.
It found Toronto condo launch prices were up 23 per cent year over year at the end of the first quarter, but also an extraordinary number of projects that launched a year ago — 53 developments with nearly 14,000 units — still hadn’t begun construction.
It’s not unusual for a project to take more than a year to go from pre-sale launch to building. But about a third of those units — about 4,000 — are in developments that are still seeking approvals.
“Our belief is that most will still proceed… but a portion are at risk,” said Shaun Hildebrand, Urbanation senior vice-president.