Lenders concerned at lack of condo demand

A survey of commercial mortgage lenders has found reticence in lending for new condo developments for fear of a lack of demand. The poll of lenders by CBRE found that 60 per cent are increasing budgets for rental units while half as many are planning to lend more for condos. The reasoning is that the lenders believe that as more Canadians are priced out of housing markets the higher demand will be for rental homes rather than condo units. Other findings of the survey are a move away from Alberta in favour of increased lending in Toronto and Vancouver.
 

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