(Source: The Toronto Sun)
In a sign pre-construction condo appetites among Canadians are healthier than ever, developers are turning to old tricks to ensure they can meet buyer demand fairly.
Sellers for the “River City” project in the West Don Lands neighbourhood of Toronto opted to draw names in a behind-closed-door lottery Tuesday to determine who had first dibs on floor plans. Occupancy isn’t slated until 2011 but still developers anticipated demand for their pre-construction units starting at $179,000 to be considerably higher than supply.
Read the full article by Stefania Moretti, “Condo turns to lottery system to meet demand” in the Toronto Sun (Dec 2, 2009).