Dive Brief:
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When the 13th largest U.S. home builder decided not to break ground on a condominium building in Toronto three years ago, the company “missed an opportunity,” Toll Brothers CEO Douglas Yearley said Friday.
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The average selling price of a home in Toronto spiked more than $100,000 in those three years, from $465,369 in 2011 to $573,676 in September 2014.
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The big builder considered a foray into the Canadian multifamily market, but backed away, in part, because of the high percentage of non-resident investors—up to 70%—who were purchasing condos there.
Dive Insight:
Speaking to a reporter at the Society of American Business Editors and Writers conference in New York, Yearley said Toll Brothers will reconsider the Toronto market for a future project, even though economists have predicted that condo prices are unlikely to rise any further.