Canada faces worsening home ownership crisis with stalled condo sales

30/10/2024 18:53

        Canada's home ownership crisis is likely to worsen over the next few years as proposed project sales languish at historically low levels, stalling the funding needed for construction, half a dozen economists and realtors told Reuters.
        
        The sale of these proposed projects, comprising an array of one- or two-bedroom condominiums in major hubs like Toronto, is commonly called pre-construction sales, and a bulk of these properties are usually bought by investors to rent out.
        
        Many Canadians have been priced out of home ownership since interest rates started rising two years ago, and even with falling rates and relaxed mortgage rules more recently non-investor buyers have struggled.
        
        There is no official data on pre-construction sales and it is largely sourced by realtors and economists from market transactions.