Toronto condo projects teeter on collapse amid rising costs

As Toronto’s condo market booms, signs are emerging that a stressed industry is facing rising costs and tax burdens that may mean an even grimmer outlook for buyers.

Observers are still sifting through the wreckage of the Toronto area’s latest project cancellation – a sold-out Vaughan project that dumped 1,100 would-be buyers back into the market earlier this month. That collapse is by some counts the 11th residential building project to be cancelled in the last year, and some are pointing to a rapid escalation in builder costs as the primary culprit.

Read more at The Globe and Mail

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