1 Bloor St - Condos
- Thread starter BULLRYDER
- Start date
Nothing attracts a crowd like a crowd. I saw the news reports and was simply amazed that RE agents would pay someone to wait in line for a week. Before the sales started the billboard across the street went from $300K-2 or 3 mil to $500-8 mil. Those that bought on speculation are placing a pretty big bet on the condo market staying strong in TO for the next few years - not a sure thing!
Hi-Rise selling always draws vultures to the feast for profits.Case in point how 1 guy was paid for 2K to wait in line for his agency for a week.Or some sap sold his front of the line sap for a eon kilometre buyer for mega dollars.
These RE events always happens in Hong Kong.Finally Toronto is catching up.At least build the damn building before stating the price.
These RE events always happens in Hong Kong.Finally Toronto is catching up.At least build the damn building before stating the price.
Miller Time !!!!
Just imagine what the property tax would be on one of these large or small baby's per year?
thirdtime said:
Just imagine what the property tax would be on one of these large or small baby's per year?
Lacy said:Hmmmm I wonder if that million bucks includes a parking space??!!
Downtown toronto.....uh prob not!
That will be another 50 grand please
You will get a free TTC monthly pass every month
The prices of most new downtown condo developments are just ridiculous. They are beyond affordable for ordinary people. I'm hoping to see the day when the condo market crashes and people cry for help from the government!
More ridiculous is that CMHC is encouraging people to take part in this game by allowing people to pay 0% down payment for up to 4 investment properties!!!
More ridiculous is that CMHC is encouraging people to take part in this game by allowing people to pay 0% down payment for up to 4 investment properties!!!
Serpent said:
I do too. It's a shame for all the people who actually want to live in the property, b/c so many others are buying condos as an investment.
For me the condo market correction can't come soon enough. I'll be swooping in like a vulture, lol!
playw/respect said:
Ok, fantastic. Now just wait and watch for this house of cards to come down.
It's always about fundamentals:
1. Affordability - Can consumers afford to shell out what asking prices are?
2. Purchasing power of the consumers - Are salaries keeping with inflation and cost of necessary items (food, gas, insurance etc)
3. State of the economy - Regional factors like how is ON economy likely to do in 2008-2009 considering the US meltdown.
We saw that #1 and #2 were pretty bad in the US and thus the meltdown happened. It was good while it lasted and nobody in the media would tell you otherwise but now you see.....
Money...
Is just a way of keeping score.
I'm in the real estate market and won't touch a new or to be built condo apt. with a ten foot pole.
There are a dozen or so buildings that are quality built in the Don Mills area that have waiting lists to buy in even though they are fifteen years old. Quality built with brass, granite and mahogany (and we're just talking the hallways).
You can guess where some of my investments are.
Bust. NO! But a correction is inevitable. That's where the novice speculator will get stung.
***************************Lacy said:
Is just a way of keeping score.
I'm in the real estate market and won't touch a new or to be built condo apt. with a ten foot pole.
There are a dozen or so buildings that are quality built in the Don Mills area that have waiting lists to buy in even though they are fifteen years old. Quality built with brass, granite and mahogany (and we're just talking the hallways).
You can guess where some of my investments are.
Bust. NO! But a correction is inevitable. That's where the novice speculator will get stung.
IMO you cannot compare the US subprime disaster to the Canadian real estate market as the structuring of mortgages in the US encouraged leverage for decades. Interest only and extended mortgage products are still for the most part just entering the Canadian marketplace.
The fundamentals of the Toronto real estate market are strong. These extreme high-end condos that are popping up downtown are not a dime a dozen ie. there's maybe 10 projects including 1Bloor with maybe 300 to 500 units each. There are easily 3000 to 5000 people in Toronto with that sort of purchasing power who are willing to pay the premium for the address. Other condo's in downtown Toronto go for about 400/sq foot, a bargain relative to Vancouver and now Calgary even.
The fundamentals of the Toronto real estate market are strong. These extreme high-end condos that are popping up downtown are not a dime a dozen ie. there's maybe 10 projects including 1Bloor with maybe 300 to 500 units each. There are easily 3000 to 5000 people in Toronto with that sort of purchasing power who are willing to pay the premium for the address. Other condo's in downtown Toronto go for about 400/sq foot, a bargain relative to Vancouver and now Calgary even.
dudey31 said:
Calgary and Vancouver are booming while Toronto is very likely to face some substantial economic headwinds soon. And I don't think Toronto is a 'destination' city that attracts the international set, in the same way as Vancouver...but I could be wrong about that.
Lastly, you never make money at the tail end of an extended rise in ANY market. The frenzy for these condos is not a good indicator, to say the least.
