Mississauga M3 at M City | 260.29m | 77s | Rogers Real Estate | Arcadis

09/23/2024:
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09/14/2024:

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Archi_design said:
Wow! So many towers. Hard to even spot absolute world
Click to expand...
Unfortunately most of them will not be built. It's sort of a like some dirty secret with the way people are avoiding talking about it on urbantoronto, but the pre-construction condo market is horrifically crashing. The number of projects on hold is probably approaching 100 by now.
www.bnnbloomberg.ca

Toronto’s condo market to ‘get worse’ as pre-construction starts ‘falling off a cliff’: expert

www.bnnbloomberg.ca www.bnnbloomberg.ca
storeys.com

More Than 75 New Condo Projects On Hold In GTHA Amid “Dislocated” Market

New condo launches have been sparse in the Greater Toronto and Hamilton Area amid the higher interest rate environment. In fact, there was just one high-rise condo launch to speak of in the first few months of this year, which is atypical for the region. And it seems that things have gone from...
storeys.com storeys.com
storeys.com

‘There’s Going To Be A Crisis’: New Condo Construction Is Heading Toward A Cliff

At a press conference on July 22, Ontario Premier Doug Ford stood before a room full of reporters and told them, to scattered applause, that new homes would “pop up like mushrooms everywhere” if the Bank of Canada lowered interest rates. And he was fairly specific about it, saying that this...
storeys.com storeys.com
 
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SkylineHorizons said:
Unfortunately most of them will not be built. It's sort of a like some dirty secret with the way people are avoiding talking about it on urbantoronto, but the pre-construction condo market is horrifically crashing. The number of projects on hold is probably approaching 100 by now.
Click to expand...
Nonsense. Each project/proposal has been given it's own thread and news stories, so cancellations, insolvencies and stallings do get covered and talked about on a bases by base basis. Taken overall likely suggests a downturn...so this isn't something that's denied, spoken in secret or privately discussed on some /tinfoil'd back channel. It's just not covered in the way you are expecting it to be because most project are discussed on their own respective merits here.
 
High interest rates only are indirectly harming the preconstruction condo market but slowing the rate of appreciation of existing condos. Preconstruction mainly sells at a large premium to existing condos as a leveraged speculative play on rapidly rising condo prices. That was never all that sustainable, and the music stopped when rates rose curtailing the buying power for buyers of existing condos and more importantly making condos heavily cashflow negative for investors. Stagnant condo prices in the resale market make paying a 20% premium for preconstruction unwise as a speculative play.

What needs to happen is for the cost of preconstruction condos to fall to become more in line with resale condos, which will come by deflation in the construction sector as fewer projects are bidding for resources. There is robust demand for housing from population growth, it's more an affordability problem.
 
...anyways, back on topic...this building seems to be coming along well. And in despite of the "dire" market discussed here.
 
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