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Did The Canary Of New York's Luxury Housing Market Just Die: Real Estate Developer Files For Bankruptcy

Did The Canary Of New York's Luxury Housing Market Just Die: Real Estate Developer Files For Bankruptcy

We’re starting to see some concerning developments in the luxury real estate market. First, we observed as Urbancorp, one of Toronto’s largest property developers, quietly canceled a condo complex they had been working on, and instead converting the project into rental apartments. This was one of the first signs that demand for luxury real estate is declining.