July 19, 2016 / 12:37 PM / a year ago

Risk of speculation in Toronto condos mitigated by presales-CMHC

OTTAWA, July 19 (Reuters) - The majority of condominium projects in Canada’s largest city do not begin construction until 70 percent of the units are sold, mitigating the risk of speculation in the market, the national housing agency said in a report on Tuesday.

The report from the Canadian Mortgage and Housing Corp said 79 percent of projects begin construction after reaching 70 percent presale threshold, and that current unsold inventory is largely concentrated in downtown Toronto and the suburb of Markham, where condo markets are more active. (Reporting by Andrea Hopkins)

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