Real Estate
Toronto Condo Party Likely to Sober Up in 2019, Developers Say
- Cancellations likely as construction costs continue to rise
- Immigration will be major support for market over longer term
Scaffolding goes up around the site of a condo development in Toronto.
Photographer: Cole Burston/BloombergThis article is for subscribers only.
After a three-year non-stop party, Toronto’s condo market is likely to settle down in 2019, some of the city’s biggest developers say.
“I can’t, for a minute, imagine that we’re going to continue to see the increases that we’ve experienced,” said Jim Ritchie, executive vice president of sales and marketing at Tridel. “Do I think there’s still room for growth? Yes, but not what we’ve seen in the past three years.”