Condo market still ‘challenging’ for builders despite rising starts, Claridge exec says

Claridge proposal
Claridge Homes is proposing a 27-storey residential highrise (right) on Gloucester Street near Metcalfe Street.

Claridge Homes chief financial officer Neil Malhotra said higher mortgage rates, rising construction costs due to inflation and a new bylaw that hikes the fees developers pay to the city in lieu of parkland at highrise building sites have combined to make large-scale development projects a risky proposition.

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