Parking Lot Sale Shows Toronto Condo Juggernaut Powers On
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The sale of a parking lot ringed by pawnbrokers and frequented by panhandlers is among land transactions that have tripled in Toronto this year, signaling the next wave of condo construction is on its way.
The pockmarked 472-car lot is among 78 sites purchased in the first three quarters of this year by developers for residential highrise construction worth C$806 million ($721 million), according to data compiled by RealNet Canada Inc. That’s almost triple last year’s sales over the same period and approaching the record C$1.1 billion sold in 2012.