Higher interest rates are pushing the GTA’s new construction condo market to a tipping point, says a new joint report by market research firm Urbanation and CIBC Capital Markets.
For the first time, more than half of the investors who bought pre-construction units as rental properties were losing money last year.
It’s creating a scenario that could jeopardize demand for new units and potentially exacerbate the region’s housing crisis, warns the report published Monday.
There are at least 9 new condo’s proposed for construction in my neighborhood all within a 2 -3 KM radius, 3 are across the street, not to mention the geared to income rentals the city is proposing. Will any be built? No idea, especially in light of a commie regime at city hall. K and I moved into the 1st completed building nearly 20 years ago, time flies.
