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Homebuilder’s Orders Plunge 65% in Canadian Market’s Deep Freeze

  • Buyers are staying away as mortgages become more expensive
  • Toronto suburbs, a key market for Mattamy, see price drops
Condominiums under construction in Toronto.
Condominiums under construction in Toronto.Photographer: Annie Sakkab/Bloomberg

Canadian homebuilder Mattamy Group Corp. saw a huge decline in orders during the summer months, the latest signal of a rapid slowdown in North American housing. 

Mattamy’s net sales orders decreased 65% from a year earlier, to just 605 homes, in the fiscal first quarter ended Aug. 31, according to a statement. Its order backlog fell below 7,000 homes for the first time in two years.