As preconstruction condo sales in Toronto plummet to levels not seen since the global financial crisis 15 years ago, developers are now turning to more lucrative incentives to try to entice prospective buyers.
“So you see them trying to bring forward different types of one-off incentives like free parking or like mortgage holidays for a couple of months, or things of that nature to try to bring buyers in without resetting the overall value of the units because once that reset happens, then that can change the market dynamics going forward.”
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They are building thousands of condo at 1M$ and have a pikachu face when they realize it’s hard to sell?
This.
Have they tried not pulling in 73% profit from every sale?
😬
Building rooms instead of apartment and charging house prices, I wonder why no one is interested?