, a new condo in Toronto cost an average of $779 per square foot in the first quarter of this year, having surged some 50 per cent since 2016. Meanwhile, a resale condo cost $683 per square foot, making new condos 14 per cent more expensive.Statistics Canada data
shows condos built in 2016 and 2017 are 9.4 per cent more expensive, per square foot, than those built just before that, in 2011 and 2015. And these days, that new condo comes with some risk, too. With the market having seen a massive upswing in prices followed by a slowdown, many condo projects are now being cancelled ― some for a lack of demand, and some because construction costs have soared since the project was launched.
According to new data from Altus Group, in Vancouver, one out of every five condo units that developers filed for approval in 2016 have been abandoned by the developer.In Toronto, that ratio is much lower, at 2 per cent of all units launched in 2016. But that may not be an apples-to-apples comparison, because the approval process in Toronto is much slower. Only 5 per cent of 2016 applications have been approved in Toronto, compared to 50 per cent in Vancouver.
In many cases, construction costs soared since pre-sales began and developers can’t turn a profit at the prices they offered several years ago. But many jilted homebuyers simply accuse the developers of greed, pointing out they can sell the same units in a new project launched today at much higher prices.
Rents are sky high in Toronto. I wish they didn't build more condos in our city.
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