Photo Credit: Toronto Star
All you need to know regarding the housing market in Toronto, Canada and abroad.
This week in Toronto: The city's condos are shrinking, putting down a deposit doesn't guarantee a home and a Realtor is accused of fraud.
Elsewhere: Canadian banks are on the brink of a mortgage war, rural America's silent housing crisis and China builds a giant apartment with a 3D printer.
“I don’t think we’re achieving three-bedroom units. I think we’re achieving units where people are crammed in just because a design that should be a two-bedroom unit is being made into a three-bedroom unit,” said David Wex, a partner at Urban Capital, one of the developers.
Builder quietly cancels condo complex (Toronto Star)
In Urbancorp’s case, however, purchasers put down deposits for the first tower of well-priced one- and two-bedroom condos more than three years ago. Some 181 buyers are only now being alerted that the 639-suite condo complex — still a busy construction pit on King St. W. just north of Liberty Village — is being abandoned.
"If these agreements are used unscrupulously ... it's like walking into a car lot and before they'll even show you a car, asking you to sign an agreement [saying] if you ever buy a car anywhere in this city we get paid. You see the ridiculousness in that," Campbell says.