Toronto condo market misjudged: builders

Builders of Toronto condominiums get as little respect these days as the embattled mayor, according to one of the city’s largest high-rise developers, reports Bloomberg News.

 “I almost know what Rob Ford feels some days because people are always taking runs at the guy,” Barry Fenton, chief executive officer of Lanterra Developments, said at the Bloomberg Canada Economic Summit. “The truth of it is we’re good, the market is really healthy still and we have a long ways to go on the upside.”

Toronto is in the midst of a building boom.

The city of 2.8 million people has more condo towers under construction than any other North American city, according to industry researcher Emporis GmbH, fuelling speculation the market is in a bubble.

As the number of foreign investors in Toronto’s condominium market has waned, local investors have picked up the slack, said Simon Mass, a founding partner of real estate investment manager The Rosseau Group LLC.

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