New Condo sales in Toronto, which has been the fuel powering one of the most relentless condo building booms in the history of the western world, plummeted by 55 per cent in the first three months of 2013 over the same period last year.
What has happened, is that current developers of big projects are holding back offerings as they inspect what will likely be a slower market as new federal government regulations imposed on the condo market in an effort to stifle growth in Greater Toronto Region. However, if you take into consideration what has been happening during the course of the year, with the governments batch of new rules for new home buyers and banks, the slowdown was likely to be expected. When all forces of the government are planning the demises of economic growth in Toronto even mighty capatilism cannot,on it's own fight this overwhelming tryanny.
However all hope is not lost, with this breather, and slowdown in sales, not seen since the last of the Great Reseccession in 2009, prices and building will now have a chance to stablize and get back on track for the coming years. Look for the numbers for all of 2013, to be down in comparison to 2012 and of course to the record breaking 2011 year.
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