slickpete83
Active Member
Big City Blues Toronto 1988 , interesting watch about real estate in Toronto
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Baby, we got a bubble!?
- Thread starter simuls
- Start date
slickpete83
Active Member
when you buy a house in Toronto without realizing its a historic building and you can't knock down as planned, sell sell sell asap
huge lot 50' × 170' Real Estate agent claims "design the home of your dreams" https://rennieteam.com/design-the-home-of-your-dreams-55-st-edmunds-drive/
huge lot 50' × 170' Real Estate agent claims "design the home of your dreams" https://rennieteam.com/design-the-home-of-your-dreams-55-st-edmunds-drive/
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TheKingEast
Senior Member
Did they really have to cut bait like that? They could have reno'd it and then sold it instead of losing close to $1M dollars.
Rimsky44
Active Member
I'm speculating - but it was probably for tax purposes. You crystalize the loss in a holding company which will be used for further developments to shelter $1m of future development gains (non-capital gains eligible) - sell it to yourself personally, renovate it and live in it for a bit to take advantage of capital gains tax treatment personally.
I highly doubt they sold it to a 3rd party.
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slickpete83
Active Member
OMG how did we even get to this point , $861K for a 1 bedroom 476sqft condo and the bedroom is not even a real bedroom but one with sliding doors and no window to the outside,
that's like over $1800/sqft
CIELO CONDOS
300 Bloor Street West
- Located in the Heart area Of Downtown Toronto
- Close to the University of Toronto, Ryerson University, George Brown College
Starting from $861,000
EV platinum Promotion $175,000
Plus
Standard Parking Platinum: $165,000
Plus
Assignment Fee: $5,000
Platinum Promotion: $1,500 + $950 Legal Fee
Plus
Right to Lease during Occupancy
Plus
Extended Deposit Structure
$10,000 on Signing
Balance of 5% in 30 Days
5% in 210 Days
5% in 690 Days
5% on Occupancy
that's like over $1800/sqft
CIELO CONDOS
300 Bloor Street West
- Located in the Heart area Of Downtown Toronto
- Close to the University of Toronto, Ryerson University, George Brown College
Starting from $861,000
EV platinum Promotion $175,000
Plus
Standard Parking Platinum: $165,000
Plus
Assignment Fee: $5,000
Platinum Promotion: $1,500 + $950 Legal Fee
Plus
Right to Lease during Occupancy
Plus
Extended Deposit Structure
$10,000 on Signing
Balance of 5% in 30 Days
5% in 210 Days
5% in 690 Days
5% on Occupancy
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karledice
Senior Member
omg! thats crazy!
dr.dylz
New Member
Absolute madness!!!!
Rimsky44
Active Member
Wasn't the United Bldg around that range (EDIT: when launched)? Between the two, I'd prefer the Bloor location if same price, so it's not unprecedented.
(EDIT 2: It's still insane - not that I'm saying it's fine...).
(EDIT 2: It's still insane - not that I'm saying it's fine...).
slickpete83
Active Member
yes I remember posting about it in Feb 2021, even more insane
https://www.buzzbuzzhome.com/ca/the-united-bldg-condos
Pricing makes no sense , even for Downtown Toronto next to subway !!! $787,990 for
Studio
1 Baths
279 SqFt
$2,824 per SqFt
what are they expecting rent to be at that price lol...
slickpete83
Active Member
here is throw back to early 2000's , even the lady in the ad is smiling because she can afford to buy something hahahaha
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dusk
Active Member
Feel free to quote me in 5 years. If substantial policy changes are not put in place, we’ll consider the current housing market “cheap”.
Woodbridge_Heights
Senior Member
Ah the good old days when home ownership was reasonably within reach. I kick myself multiple times per day for not getting in at this point (finances were an issue for me at that time). Even with a moderate maintenance fee of a few hundred bucks per month these condos were affordable for the average person making an average salary.
**EDIT**
Adjusting for inflation the entry level condos here would cost ~$170k in 2021 dollars.
Undead
Senior Member
Same here. In 2010, my family was heavily scouting Newmarket. Back then, a good average house there was going for 290-320k. We had a healthy down payment saved (about 30%) and a solid family income in the high five figure range.
But being very timid and expecting the bubble to burst, we didn't take the plunge.
Fortunately, we did eventually get in, but of course got much less bang for our buck.
I guess the old adage is true that the Canadian government can keep printing money longer than you can remain solvent.
evandyk
Senior Member
When I graduated, a little earlier than that, a couple fresh out of school with decent incomes could realistically afford a two bedroom apartment in the Annex, or a semi in somewhere like Leslieville or Bloordale (if you were ready to be a little house poor). Those were the days!
WeirdFishes
Active Member
When I was a wee little lad, milk was delivered to my door and was only 5 cents. Those were the days.