Developers are hitting the brakes. Pandemic buyers are panicked as appraisals come up short. Is this the end of Toronto’s condo mania? A pre-construction condo in the GTA was a safe way to invest and gain equity. Indeed, for a decade this seemed like a solid bet. Investors poured money into condos, which sprouted like weeds and dramatically transformed the Toronto skyline. Around 80 per cent of pre-construction condos are sold to investors.
Rising rates hits hardest at detached and semi-detached house prices. Less expensive condos and townhomes held their value better in November than costlier detached and semi detached houses in the Toronto region, as home sales declined across all categories with higher interest rates continuing to increase the monthly carrying costs of a home.
Integrity commissioner asked to investigate Ford’s Greenbelt development plan Since Ontario Premier Doug Ford was first elected four years ago, developers have paid tens of millions of dollars for a number of properties that include protected lands the province is now proposing to carve out of the Greenbelt. As recently as September of this year, a company called Green Lane Bathurst GP purchased a piece of land in the King Township, subject to Greenbelt protections for $80 million dollars!