随着加拿大房产主，潜在买家和投资者的日益不安，房市崩盘的担忧日益加剧。这种担忧不是没有来由，加拿大的温哥华和多伦多的两大房地产市场，多家地产开发商出于日益严重的财务困境之中。在温哥华，Thind Properties 和 Align Properties 等大型公司即是如此，多个项目被搁置、遭法庭指定托管，或不得已以亏损价格出售。与此同时，多伦多的雄心勃勃的豪华摩天大楼“The One”的开发商 Mizrahi Developments 也因未能偿还逾16亿美元债务而被接管，进一步彰显该行业日益加深的财务困境。
Fears of a housing crash have intensified, unsettling homeowners, prospective buyers, and investors. The growing financial troubles of developers in Canada’s largest real estate markets—Vancouver and Toronto—have only deepened these anxieties. In Vancouver, major firms like Thind Properties and Align Properties have fallen into distress, with projects stalled, placed under court receivership, or sold at a loss. Meanwhile, in Toronto, “The One,” an ambitious luxury skyscraper, saw its developer, Mizrahi Developments, placed into receivership with over $1.6 billion in unpaid debt, exposing cracks in the sector’s financial stability.
近日来，美国对木材、钢铁和铝等关键建筑材料加征关税，建筑成本持续上升，进一步加剧了开发商的资金困境。随着材料成本飙升，开发商的利润空间不断遭挤压，融资渠道也日益受限，项目完工难度加大。2024年，随着开发商面临的财务压力不断加重，房地产行业遭到法庭指定接管的案例达到近十年来的最高水平，而债务方申请的房产开发商破产案件同比激增42.5%，凸显出地产开发商的财务危机。
The financial crisis among developers has been worsened by surging construction costs, largely driven by U.S. tariffs on key building materials like lumber, steel, and aluminum. As material costs rise, developers face shrinking profit margins and tightening financing conditions, making it harder to complete projects. In 2024, real estate sector receiverships reached their highest level in nearly a decade, while debtor-initiated real property insolvencies surged 42.5% year-over-year, signaling severe financial distress.
同时，大多伦多地区二月份房屋销售下降了28.5%。大多伦多和汉密尔顿地区的房地产投资交易下降19%，多伦多新公寓销量创下27年来最低水平，住宅用地销售下降34%，这些受借贷成本上升、经济动荡以及开发商财务困境的共同作用的市场低迷导致项目停滞和房产被迫出售，从而进一步加剧了对房地产市场前景的担忧。
At the same time, home sales in the Greater Toronto Area plunged 28.5% in February, further dampening market confidence. Investment sales in the Greater Toronto and Hamilton Area fell 19%, new condo sales in Toronto hit a 27-year low, and residential land sales dropped 34%, reflecting weaker investor sentiment and reduced liquidity. These struggles—driven by a combination of higher borrowing costs, economic uncertainty, and developer instability—have already led to stalled projects and distressed asset sales, raising concerns about broader market instability.
