ILOFTCONDOS

ARTFULLY MARKETING EXCEPTIONAL CONDOS

 

Toronto Condos Blog

Banks Set Sights on Condo Market!

The slight lull in one of Canada’s largest condo markets may soon come to an end, with the big banks refocusing on lending in that very segment.

“The banks are back out there lending in the condo sector,” Chris Milne, vice-president of real estate lending for Scotiabank said at a Toronto real estate conference. “There is a hole that the banks are looking to fill. The regulators were really pounding them a year and a half ago and now it’s quiet.”
 
According to Milne, Scotiabank has upped the maximum it will loan on a condo project to 75 per cent from 70 per cent because the bank believes there is less risk in the market than previously thought.
 
This development comes just after it was announced that Toronto hit a decades-old record for unsold condo units this January, even as supply continues skyrocket.
 
“Most of the completed units are presold, but the increase still lifted the number of unsold units to a 21-year high (1,602),” Sal Guatieri, senior economist for BMO wrote in his latest economic report, released Tuesday. “This will slow the increase in new condo prices (3.7 per cent year over year in Q4). However, as long as demand remains healthy (last year was the third best on record), prices should hold steady.”
 
10,368 condos were completed in the GTA in January, a record for the region and eight times more than the average over the past decade.
 
2014 saw certain developments that changed the future of condo development in Canada.
 
This past June, CMHC announced the official removal of its insurance product for developers who are financing new condo construction, meaning developers had to rely more heavily on lenders to bear the brunt of the financing responsibility.

 

Originally posted by Jamie Henry 27 Feb 2015

 

Check out: YORKVILLE CONDOS |  ENTERTAINMENT DISTRICT CONDOS | KING WEST CONDOS | LUXURY HOTEL CONDOS

 

FEATURED TORONTO CONDOS

 

YORKVILLE CONDOS

The Prince Arthur condos

One St. Thomas

100 Yorkville at Belair

99 Avenue Road

Residences at Hazelton Lanes

The Regency Yorkville

Sotheby's International Realty Canada | Every Home Needs a Proper Frame


Marco Chiappetta | Sotheby's International Realty Canada | Top Toronto Luxury Condo Broker

416.806.6133 | CONTACT US | iLOFTCONDOS.com

 

About  |  Blog  |  Terms of Use  |  Site Map |  Contact Us  |  Buy Toronto Condos  |  Sell Toronto Condos  |  Toronto Luxury Condos | 

Copyrite 2016 MARCO CHIAPPETTA and iLOFTCONDOS.com All Rights Reserved

Trademarks owned or controlled by The Canadian Real Estate Association. Used under license.

The information provided herein must only be used by consumers that have a bona fide interest in the purchase, sale or lease of real estate and may not be used for any commercial purpose or any other purpose.

Information is deemed reliable but is not guaranteed accurate by TREB.

Toronto Real Estate Board - IDX Last Updated: 8/21/2017 1:20:33 AM