Builder shifts from the suburbs to downtown, says ‘no bubble’

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With the trend towards more Canadians choosing to live downtown one of Canada’s most prolific building firms is following the crowd. Mattamy Homes is the largest home builder in the country and built a large proportion of the city of Oakville where the company is currently based. However boss Peter Gilgan says they have outgrown the suburbs and are moving their operation downtown, partly because that’s where his staff want to be. The firm will occupy the 55th floor of a tower in Toronto’s TD Center. Asked if he believes that Canada’s housing market is in a bubble he told the Financial Post that he does not, as demand still outstrips supply:  “What caused the housing bubble in the U.S. nearly a decade ago, it’s not happening here. Yes, price escalation is more than the rate of inflation, but if you look at the condominium market, we are seeing prices staying flat, because supply has finally caught up to demand.” Read the full story.

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