Cracks are starting to show in Toronto’s preconstruction housing market, as financial pressures not only stall future projects but some industry experts are also seeing an uptick in purchasers putting their properties up for sale, with the most distressed cases coming from buyers of lowrise and freehold homes in the suburbs.
They warn it could be just the beginning, as preconstruction homebuyers who put down a deposit during the pandemic find their full payment coming due in a drastically changed economic and interest rate climate.
