CREW Poll: Investors worried about condo market

 

Just under 53 per cent of respondents agree that the country’s condo market is about to fall, with slightly more than 47 per cent, disagreeing with that statement.

Their answers come less than a week after the Central Bank singled out the condo market as a sector more vulnerable to price declines than others.

“The supply of completed but unoccupied condominiums is elevated, which suggests a heightened risk of a correction in this market,” reads the December economic report.

That phenomenon is already being felt by condominium investors in Vancouver,  where a glut of high-end units now sit idling, in part because of the HST, say market analysts.

The number of new condo developments in Toronto is on the upswing, although here analysts suggest the market is less susceptible to a correction given the strength of the GTA market, buoyed by immigration.

Still, developers in most markets now appear to be heeding the Bank’s warnings.

Housing starts across the country declined in November, reaching a level more consistent with “the rate of household formation,” according to StatsCan.

Are you looking to invest in property? If you like, we can get one of our mortgage experts to tell you exactly how much you can afford to borrow, which is the best mortgage for you or how much they could save you right now if you have an existing mortgage. Click here to get help choosing the best mortgage rate

COMMENTS

Get help choosing the best mortgage rate

Just fill in a few details, and we'll arrange for a Mortgage adviser to help you find the best mortgage for your needs

  • How soon do you want a mortgage?
  • Name
  • Where do you live?
  • Phone number
  • E-mail address

Industry news

Submit a press release

Poll

Should government update pot rules to prohibit growing in rentals?