The average price of a used three-bedroom condo is $587,815, which requires a household income of $136,007 to comfortably afford. Despite the astronomical prices they can fetch, an unprecedented 6,350 condo units have been cancelled since 2017, according to the research firm Urbanation. Land prices, construction costs and regulatory expenses have risen so quickly in recent years that developers sometimes can’t guarantee they’ll make money, they say. Since there’s a limited supply of those, that would create more competition in the resale market, and prices of resale units would climb. These measures would lead to more housing being built, while inclusionary zoning would only lead to less.

Source: National Post June 04, 2019 09:56 UTC