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It's a "very unusual year," a real estate developer's group says.
One in five Vancouver condo units planned for development has been abandoned.
It's not impossible.
Is it any wonder buyers want to sit this one out?
The condo craze has outlasted the single-family home craze, but it too may be on its last legs.
I'll admit it, several years ago I had a very poor opinion of the CityPlace neighbourhood in Toronto. Back then, this neighbourhood of tall condo buildings built around Fort York Blvd and Spadina Ave was a huge construction site. It was dirty, the buildings were all under a constant state of repair, and there were no amenities nearby. Then in 2013, when Fort York Blvd opened through Bathurst St, things began to change.
As an analytical realtor who focuses heavily on market-based statistics, I've started to understand the growing shift towards pre-construction condos. Millennials now pretty much don't have any shot at purchasing a house with the current appreciation in the market, despite the government's efforts to slow things down. Even purchasing condos may be a stretch for some. Getting into pre-construction condos however, is the golden ticket.
From its amenities to its backstory.
And Toronto, in particular, was singled out for concern.