Toronto is the crane capital of North America — but construction is starting to slow. Despite rising interest rates leading to a decline in new condo sales, Toronto has the highest number of operating tower cranes in North America, a new report by property and consultancy firm Rider Levett Bucknall shows.
By Introducing Forty Year Amortization, can the Canadian Government Fight Inflation and Stop a Real Estate Crash Seventy-eight per cent of Canadians currently have a mortgage with an interest rate below 3.0%. Rising mortgage rates mean that the average Canadian needs to make a staggering additional payment of $800-$1100 per month for a mortgage of $800,000. This places enormous pressure on already strained households grappling with relentless inflation and rising costs of living – everything from higher gas and grocery prices to inflated hydro bills and property taxes.
A 20-year low in new home listings last month is buying Toronto area home prices, which in September, rose slightly month-over-month to $1.09 million. It was the second consecutive monthly price increase, but on a year-over-year basis, the average house and condo price dipped 4.3 percent.
Developers are waiting longer for approvals and consumers are paying more. Toronto area municipalities are taking 40 percent longer on average to approve housing development applications than they did two years ago, and the cost of processing those permits has soared more than 30 percent.