Condo Boom Flattens

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For those of you worried about the growing number of condos in your area and what they might be doing to house prices and neighbourhood quality of life, here’s news that the condo market is flattening out.

There’s simply too much inventory:

Housing starts plummeted in February to the lowest level since 2009, driven by fewer new condo and multi-residential projects as builders grappled with rising levels of unsold inventory.

Construction of new housing units fell 16 per cent in February to an annualized 156,276, down from 187,025 in January, Canada Mortgage and Housing Corporation said Monday.

It was the lowest level of building activity since July, 2009, said Royal Bank of Canada economist Laura Cooper. Starts fell in eight of 10 provinces, driven by a 25-per-cent drop in construction of new urban multi-residential units, which fell to 86,2014 from 115,123 in January.

Slower construction activity was needed to help developers deal with rising levels of unsold condo units in cities across the country, the housing agency said.

 To read the full story from The Globe and Mail, click here.

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