The story over the past decade-plus has been a surge in the number of homes purchased by multiple-property owners, according to Teranet Inc., the private company that manages property registration records in Ontario.
Ms. Cheung notes that the share of those with 11 or more properties is down significantly from just a year ago, when Teranet reported that group made up 13 per cent of all multiowners.
“I have listed three condos for this one client – these are investments they’ve owned – because all of the sudden the rates don’t make sense,” said Andre Kutyan, broker with Harvey Kalles Real Estate.
Mr. Kutyan said he is also hearing from other clients who are looking to deleverage a property portfolio where rents don’t always cover the costs of mortgages.
Mr. Kutyan is seeing increasing interest from developers to sell leftover inventory on recently completed condo projects, and is currently marketing seven units from the prestige address of 1 Yorkville – a 58-storey Bazis International and Plaza Corp. building that was finished in 2021.
Even so, for those buyers calling him looking for fire-sale prices, Mr. Bibby said things haven’t yet gotten to the stage where any offer will be considered.
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The story over the past decade-plus has been a surge in the number of homes purchased by multiple-property owners, according to Teranet Inc., the private company that manages property registration records in Ontario.
Ms. Cheung notes that the share of those with 11 or more properties is down significantly from just a year ago, when Teranet reported that group made up 13 per cent of all multiowners.
“I have listed three condos for this one client – these are investments they’ve owned – because all of the sudden the rates don’t make sense,” said Andre Kutyan, broker with Harvey Kalles Real Estate.
Mr. Kutyan said he is also hearing from other clients who are looking to deleverage a property portfolio where rents don’t always cover the costs of mortgages.
Mr. Kutyan is seeing increasing interest from developers to sell leftover inventory on recently completed condo projects, and is currently marketing seven units from the prestige address of 1 Yorkville – a 58-storey Bazis International and Plaza Corp. building that was finished in 2021.
Even so, for those buyers calling him looking for fire-sale prices, Mr. Bibby said things haven’t yet gotten to the stage where any offer will be considered.
The original article contains 846 words, the summary contains 200 words. Saved 76%. I’m a bot and I’m open source!