Banks demanding developers sell 50% of units before starting construction…large supply of unsold already built condos on market making new construction pre-sales difficult…
(Source: CBC News)
Condominium developers in Edmonton are still looking for good news even though a recent jump in building permits suggests the economy might be on the rebound.
According to numbers released this week by Statistics Canada, the value of Edmonton’s building permits jumped by 61 percent in October – from $363.4 million in September to $587.7 million.
However, most of the permits were for non-residential projects and single family homes, not for multi-family dwellings.
Read the full article, “Economy a challenge for condo developers” at CBC news (Dec 9, 2009).