The One Condo development project, in Toronto, on June 4.Abhijit Alka Anil/The Globe and Mail
Residential property developers are facing rising insolvencies as they struggle with higher borrowing and construction costs – and industry experts warn the trend is likely to worsen as interest expenses remain elevated.
The number of insolvent real estate companies and projects has been rapidly climbing over the past year and is now on track to surpass levels of the global financial crisis, according to data from the federal Office of the Superintendent of Bankruptcy.
“This has been a long time coming,” said Colin Doran, head of development advisory for commercial real estate firm Altus Group, who has been…
