Struggling condo developers ask banks to ease financing conditions, the Home of the Week and more top real estate stories
Condo developers in Canada are facing significant challenges due to declining sales and are requesting banks to lower financing thresholds. The traditional requirement of preselling 70% of units before construction financing is becoming increasingly difficult to meet. As a result, some developers are postponing or canceling projects, while young buyers are turning to recreational properties as an alternative to urban home ownership.
- ▪Condo developers are struggling to sell units, leading to requests for banks to lower financing thresholds.
- ▪Many developers are facing receivership or are postponing projects due to low preconstruction sales.
- ▪Young buyers are increasingly looking at recreational properties as a more affordable option for home ownership.
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Open this photo in gallery:Home of the Week, 980 Gower Point Rd., Gibsons, B.C.Jonathan Folk MediaShareSave for laterPlease log in to bookmark this story.Log InCreate Free AccountThis week: Faced with diminishing sales on their costly preconstruction projects, condo developers are asking banks to lower their financing thresholds. Plus, experts share their thoughts on how to style pot lights in your home.Take our business and investing news quizCondo crashCondo developers urge big banks to ease presale threshold for financingOpen this photo in gallery:A construction worker on the site of a new condo development in Montreal in February, 2024.Christinne Muschi/The Canadian PressWith the new-home market in the dumps and individual investors largely gone, developers have been struggling to…
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