The chill that has crept over some segments of the Toronto housing market may soon extend to one of its persistent hot spots: condominiums.
Evidence of a slowdown is emerging as new rules make it tougher to get a mortgage and borrowing costs rise for the first time in almost a decade. That’s reducing the appeal of Toronto condos, whose average price now exceeds $560,000. Projects are taking longer to sell and, in some areas, developers are using incentives to move units.
“There are cash incentives being offered, discount parking being offered,” Robert Gidwani, a broker at REsource Realty, said by phone from Toronto. “We’ve seen a bit more incentives especially in the resale market, we are seeing fewer multiple offers coming in.” [기사 전문 ↓]
Source: Toronto housing chill may soon extend the high-flying condo market | BNN Bloomberg News