The Canada Mortgage and Housing Corporation (CMHC) has released its Housing Market Insight Report for the Greater Toronto Area. The primary finding of the report is that the risks in condo building in Toronto seem to have been mitigated.
“Condo building activity in Toronto seems to be well-managed,” said Dana Senagama, principal, market analysis for the GTA. In spite of this encouraging information, future inventory management will be critical.”
According to the report, more than three-quarters (79%) of condo projects in the Greater Toronto Area didn’t start construction until they reached a pre-sales threshold of 70 per cent sold, and the majority of the other projects are smaller, or later phases of other developments.
Most of the unsold inventory in the GTA is in Markham or in Toronto Centre, where the condominium markets are the most active.
Read the full report here.