The condominium market seems be be cooling slightly in Toronto with The Globe and Mail reporting statistics from Urbanation, a condominium market research company, which found a record high of 18,123 condo units remaining available at the end of the second quarter.
The lack of condo sales in the second quarter may be good news for Toronto self storage pricing. Providers might be able to raise their prices as people will need to continue to store their belongings as they look for housing.
Ben Myers, an executive vice president at Urbanation, told the news source that the average offering price for condos in the second quarter was $566 per square foot, which is the same as the first quarter, pointing to the fact that price inflation is cooling.
Finance Minister Jim Flaherty believes now may be a breaking point for the condo-building industry.
“I also talk to developers, and I hear from some of them who are in the business of building condos that they don’t really have a plan, they’re just going to keep building them until people stop buying them. …It will lead to a crash,” Flaherty told the news source.
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