Quote:
Originally Posted by SL123
Is it just me or there hasn't been a whole lot of NEW project proposal on DevApp in the last few months. I know there are a lot of project U/C or in the work still going thru the procedures but I feel like we havent seen a fresh new project pop up in quite a while even tho the fed and province have drop the tax and the city has reviewed zoning. I was expecting a lot more. Seems like 2 years ago we were seeing a big new project proposal once a week.
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The reason for a lot of the development slow down is mostly due to the slowing economy and particularly the high interest rates offered by banks at the moment. High borrowing costs means it's more expensive to get financing for multi-million dollar projects and so a lot of developers are taking on fewer jobs at the moment. Where one developer might have pushed with 4 or 5 projects in one year, they are now focusing on just 1 or 2, or even taking a pause. If rates come down in 2024 and 2025 I would expect to see more activity come up on the DevApps page.
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