Investors facing glut of new T.O. condos

While the overall June numbers reveal a 2.5% decline nationally, those for T.O. point in the opposite direction, specifically to a 40.7% rise.

Building permits for construction firms in Toronto saw the fastest increase in June since March 2011.

That’s quite opposite to most of the rest of the country, where 22 of 34 large urban markets realized declines in June. That includes markets in oil-fuelled Alberta.

It’s unclear how much longer Toronto will buck the national trend.

On Tuesday, StatsCan revealed a 10 per cent slip in Toronto condo sales for July, an indication that developers may halt plans for future projects.

Those developers submitted permit requests for in June won’t likely be affected, said analysts Tuesday.

They pointed to presales data unlikely to be affected by tighter mortgage rules brought into force in early July.

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