By CBC News, May 27, 2016
Royal Bank says glut of new units may combine with unsold existing ones to cause a problem later
Canada’s biggest bank has sounded the alarm about overbuilding in Toronto’s condo boom, saying the level of new units coming online coupled with existing ones that are yet to sell have the market in ‘high risk’ territory.
In a report Friday, economists Robert Hogue and Craig Wright wave a red flag about activity in the condominium segment in many cities, but single out Toronto with being especially problematic.
