By Robin Tully
The Globe and Mail reported last month that the first of Toronto’s condominium pre-sale campaigns was in the process of dismantling. Minto Urban Communities “paused” development of its Minto King West project as a result of slow sales and tightening credit.
The good news is though that there are enough projects in the works in Toronto right now to keep the construction and related industries busy through 2009 according to Stephen Dupuis, the Chief Executive Officer of Toronto’s Building Industry and Land development Association.
So far, all those pre-sale campaigns that took place and achieved their sales quotas will be “all systems go”. Construction of condo units has a ripple effect: for every unit built, it means appliances get installed, hardwood and carpet get installed, kitchen cabinetry gets installed, and so on. It puts many sectors to work. If we stay busy through 2009 completing what’s in the pipeline, we’ll find ourselves that much closer to exiting the recession!
Robin Tully is a Broker with Royal LePage R.E.S. Ltd., JOHNSTON & DANIEL DIVISION Brokerage
