Developers to delay building 10,000 condos in GTA as sales plunge

Developers are expected to delay building 10,000 new condominium units as preconstruction sales plunge amid interest rate hikes.

“As developers grapple with quickly rising construction costs, labour shortages, large increases to development charges, higher interest rates, and lengthy approval timelines, there appears to be little, if any, room for new condo prices to adjust lower in the current environment,” the report says. The number of unsold new condominiums in the market rose by 36 per cent from the 18-quarter low in the first quarter of 2022, but it declined by six per cent annually and remained 20 per cent below the 10-year average.

“The new condominium market is likely to continue slowing in the near-term from last year’s record highs as presale buyers act cautiously and developers delay new openings, with a focus on finishing projects already underway,” Shaun Hildebrand, president of Urbanation, said in the report.

Toronto and the GTA has had a housing crisis for years. The city and surrounding areas need affordable housing, not more overpriced ugly condos for the bourgeois parasites -_-;;

And here’s a perfect example of where governments NEED to get involved. Talk about corporate corruption.

But I was told the free market will solve our housing crisis?

A punitive Land Value Tax would make sitting on vacant land less financially viable than building units that sell for less.

Will PierrePoilievre be removing the Developers to spur housing and condo starts?

Awe fordnation ‘s developer buddies screwing Ontarian’s once again 🫤 onpoli DougFordIsDestroyingOntario

Who reads this rag?

What housing supply shortfall? less investor demand. thats the issue

cdnmedia stokes discontent for cash.

because they don't want to build cheaper housing.

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