
At the end of the work week, Ratehub will summarize the most notable news, to keep you up-to-date with the latest info from the Canadian mortgage and housing industry.
Condo builders unfazed by fears of Toronto condo bubble – The Globe and Mail
Condo construction continues its torrid pace in Toronto as a record 6000+ units sold in the first quarter of 2012. With the rise in the number of development projects comes the risk of a growing number of unsold condo units, which some fear could contribute to a housing burst.
But the chief executive officer of real estate developer Diamondcorp is unfazed. He believes the government should change tax incentives to encourage developers to build more 3-bedroom condos. The result wold be a much needed drop in house prices for single family homes. He says, “If we did that, then I don’t think there’s any bubble in the city of Toronto at all, because we need to accomodate the population.”








