(Source: The Globe and Mail)
There are two things worth noting about today’s luxury condominium market. The first is that the range of choices is significantly reduced from last year. The second is that the gap between luxury and utilitarian is growing.
Since the fall, four Toronto projects have been pulled by builders – the Wentworth on Avenue Road, the St. Thomas on the street of the same name, Stratford on Bayview Avenue north of Eglinton Avenue East and the Huntington, also on Bayview.
That leaves just 14 projects selling at more than $700 a square foot, says Ben Myers, executive vice-president of Urbanation Inc., which tracks condo sales in the Greater Toronto Area.
“Any luxury project that had not yet reached the construction stage in sales had been pulled off the market and is being redesigned,” says Barry Lyon of N. Barry Lyon Consultants Ltd. “It is unlikely anything will be relaunched this year.”
Read the full article “Good-bye granite, hello laminate” by Terrence Belford in the Globe and Mail (July 17, 2009).