For new condo buyers, the price has got to be right
As rising interest rates batter the real estate market, sellers of preconstruction condominiums are finding there are limits to Toronto’s demand.It takes years for a preconstruction contract sold today to turn into a finished condo that has to be fully paid for. But industry insiders say the current environment is making long-time condo investors – the engine of the preconstruction market – pickier about the kind of deal they want to tie themselves to.
Even in an August lull, real estate buyers are still circulating
The lethargic real estate market in the Greater Toronto Area is picking up a little bit of momentum in early August.Patrick Rocca, broker with Bosley Real Estate Ltd., says inventory has been extremely low so far this summer but he has recently been heading out two or three times a week to meet homeowners who are preparing to sell.
Amid Canada’s housing crisis, immigration needs to be slower, more focused
Michael Veall is a professor of economics at McMaster University.High expected immigration is the main reason that Canada’s total output will likely increase by 1.5 per cent annually in 2023 and 2024, according to the headline numbers from the International Monetary Fund World Economic Outlook. That would be the highest in the Group of Seven.
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