Big banks boost condo financing even as unsold units in Toronto hit 21-year high


According to an article post in the Financial Post, The Bank of Nova Scotia is among lenders boosting loans to condominium developers as regulators become less vocal about housing-market risk. Scotiabank is financing up to as much as 75% of a condo project’s value and others are doing the same That’s up from about 70% in the past, when banks were concerned “there may be a meltdown” and regulators were more vocal about residential market risk, as commented by Mr.Chris Milne, Vice President of real estate lending at Scotiabank. Banks are boosting financing to condo developers even as the number of unsold units in Canada’s largest city reached a 21-year high in January of this year. For the full article please visit  www.FinanciaPost.ca

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