Mike in TO
Senior Member
some problems (poor sales, financing) in particular for Monarch ??
The Great Gulf project is not going to launch in the foreseeable future (They still have units in X that are moving very slowly despite offering a number of incentives) and poor sales isn't an issue with just Monarch (for the record Couture is over 60% sold) - the bottom has fallen out of the GTA condo market in the last 6 weeks. Projects that haven't started pre-sales are going to be delayed as virtually no one wants to open in this market. Toronto has a huge unsold inventory problem right now that needs to be resolved, so many developers are going to pull back on launching any new projects to take care of the inventory problems (19,000 unsold supply, which is at an all time high and forecasts for sales next year range from as low as 8,000 to 12k or 13k). The other issue for projects that are in pre-sales and haven't yet started construction is that they just aren't getting the sales... some projects are having decent launches, but once the sales offices are up and running for a couple months the traffic is dead - this is a problem across the board and there are a number of projects that are going to be cancelled in the first quarter of 2009.
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