According to STATSCAN, building permits worth$5.8 -billion were issued in January, which is up 1.7% from December. The value of permits were also up 17.6% after a 6 month decline.
Building Industry and Land Development Association (BILD) says government policies in land constraints, regulations and development approval processes are negatively impacting the availability of new homes to real estate consumers. As a result, the price gap between new homes and condos has grown to $196,844, which is more than double the long-term average and limiting choice and affordability for new home consumers.
According to a report produced by equity research firm, Veritas and reported by Huffington Post Canada, serious questions are now raised about the possibility of irresponsible lending practices in the Toronto condo market.
