Busiest February for Toronto developers as sales begin to slide

Ottawa

TORONTO developers had one of their busiest months on record in February in another sign that the condo market is alive and well in Canada's biggest real estate market, even amid a broader slowdown.

Builders began work on 5,677 units during the month, most of them multiple-unit projects such as condos, the Canada Mortgage and Housing Corp said last Thursday in Ottawa.

That's the strongest February, and the sixth-highest figure for any month, in records back to 1948. The bulk of Toronto condo units are typically sold before construction begins, so the latest surge may simply reflect past sales. But the report also suggests developers are betting that the condo market will be less affected by he…