Toronto condos buck Canada housing crunch, but prices seen cooling

Ottawa

CANADA'S condo boom continues to surprise, with groundbreaking in Toronto still going strong even as prices of detached homes in Canada's largest city slump, but recent rate hikes and rent controls are likely to cool condo prices by 2018.

While many predicted the brisk construction of high-rise homes in Toronto would cause a glut and eventual crash, the condo market has emerged as the stalwart survivor as a long-awaited broad housing market correction grips the city.