Sixty-seven per cent of developments, 189 projects with available units, sold no condos in the third quarter, said development tracking market research firm Urbanation on Monday. That was the beginning of the global financial crisis, but Toronto’s condo boom was already under way by then. Developers depend on pre-construction sales to obtain financing in order to build their projects. That difference in new construction versus resale units is part of the current hesitancy by condo buyers, he said. That could lead to a glut in assignment sales — those are sales by investors who bought resale construction units but then sell them before the building is completed.

Source: thestar November 01, 2022 02:32 UTC