In a sign that builders seem to see an end to the current housing boom land sales have dropped off in the first half of this year.
Land investment is down 51% in Toronto, 30% in Vancouver and 52% in Calgary compared to the same period last year.
Richard Vilner puts it this way in the Financial Post:
“The slowdown began to happen in mid-2012. There was a big time slow down versus those robust two years pre-slowdown. The cranes you are seeing now are for residential land deals that closed a couple of years ago.”
There’s still a lot of land in the pipeline though, condos will be going up in those cities for some time yet even if no more land changes hands.
Read the full article here.