• toronto mortgage constructionLast month Toronto construction set a new record dating back to 1948 for the amount of new construction!!!

    Despite the general slowdown of the real estate market, Toronto condo builders had a good month in February.

    Builders started Toronto construction work on 5,677 units which set a new record! Most of these were multi-unit dwellings so likely they represented most condominiums.

    Keep in mind that many of these Toronto construction units may have been pre-sold. Many prospective buyers saw the new mortgage rules coming on January 1st so they purchased properties in December even before they were built. Others got pre-approvals in December that are still valid today and haven’t expired yet. So it could be a case of supply following demand and that the market will catch up after the December rush.

    Also, the new rules seem to have had a bigger impact on single-detached homes.

    Why are condos becoming more popular? It’s partly due to the new mortgage rules limiting purchase power. Condos are less expensive and more popular with immigrants.

    Robert is a licensed mortgage agent and financial planner at Mortgage Architects located in Hamilton, Ontario and serving Toronto and all of Ontario.

    He can be contacted at 905-574-9200 Ext. 215 OR by email at mortgages@robertfloris.com.

    Apply online at https://application.malink.ca:8112/App/MARC/FLORISR/en-ca/1896 with absolutely no pressure and no obligation.

    Click here to see what others are saying about Robert!

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