drewp
Active Member
Recharts, your main problem here is this is an urban toronto forum, not a suburban toronto forum. We've been discussing the condo market for the past 11 years on this site. SFH don't really interest us
Drewp: Nonsense re: "no new rental buildings are built anymore in the donwtown core"
1)Motion rental building at Bay & Dundas
2)TCHC buildings at City Place, Regent Park, King East, etc
3)More on the way
#3 is the dangerous one. Developers can--and imo will--flip from condos to apartment buildings in a heart beat. The condo market is proof that rental demand is there. Developers with a background in rentals--Minto, Concert, Tridel--will start building 1000s of rental units if the condo market can't keep their employees busy. It happened in Seattle, Portland, NYC ...
Yes you are right, I was being a bit dramatic. Of course there are rental buildings being built, but not to the supply that is needed. Close to 30,000 people move into the core every year--the rental market has been performing quite well this year. Although I do notice in C1, prices are flat so far. But considering there was a double digit increase last year I expect to see a flat----to a slight increase during the first half.
First reason, there has been quite a bit of supply to come on the market 8 Charlotte, 28 Ted Rogers Way, 8 Dovercourt, 151 Dan Leckie Way to name a few. Many investors in the past would be selling their condo, but Investors realize where the market is leaning towards.
Second reason, the resale market is showing some signs this year. I have been somewhat surprised by the number of condo listings sell over asking. I have talked to more and more people that rented last year tell me prices have become to high to rent--so they have decided to buy. I am not saying this is the general consensus, but more people are thinking about it, whereas last year it wasn't an option.