TORONTO —A report by the Canada Mortgage and Housing Corp. (CMHC) suggests builders have been conservative about bringing more condominium apartments onto the market in the Toronto area.
CMHC says there were only 1,373 units that were completed but unsold at the end of March.
It says the vast majority of builders had sold 96 per cent of their units by the time construction was complete.
But it says a minority of the builders — 76 projects — had an average of 18 per cent of their units unsold by completion.
The federal agency undertook the study amid concerns that there could be a repeat of the overbuilding period in the 1980s.
However, the CMHC report says 79 per cent of builders took a conservative approach to projects started in 2014 and 2015 and didn't begin construction until at least 70 per cent of the project's units had been sold.