March 24, 2024
A stalled luxury condo project in Toronto’s Forest Hill neighborhood highlights the broader issue of delayed multi-residential developments contributing to the city’s housing shortage. Originally a single-family home, the property was demolished in 2017 for a four-story condo project that has since been inactive, leaving a concrete shell wrapped in building material. Challenges such as the pandemic, increased labor and material costs, and a downturn in the real estate market have affected developers, including Newpoint Developments, leading to delays and halted projects across the city.
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