HelloToday
Active Member
Wow .... but also, lol.
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Baby, we got a bubble!?
- Thread starter simuls
- Start date
Wow .... but also, lol.
Migos
Active Member
Per MLS:
295 Adelaide: 64 units
224 King: 39 units
12 York: 34 units
29 Queens Quay: 47 units
295 Adelaide: 64 units
224 King: 39 units
12 York: 34 units
29 Queens Quay: 47 units
Migos
Active Member
interested
Senior Member
Migos,
most people do not look to move in February, especially when there is a foot of snow on the ground.
I would like to see how fast these buildings rent and what is left say after May 1.
I don't know that Calgary will significantly affect Toronto, at least in the short term.
Oil has always been a boom/bust for Calgary. Oil prices will definitely affect it and if they stay low for 6 months or a year, I do believe homes, high priced ones especially and new condos will really hurt. I belive and perhaps may be corrected but Calgary and Alberta have had busts before without it affecting Toronto or Vancouver.
As all those people leave the oil projects and the migration goes from West back to East (at least that is what I am expecting), that may well put some support under the Toronto market at least in the short term.
most people do not look to move in February, especially when there is a foot of snow on the ground.
I would like to see how fast these buildings rent and what is left say after May 1.
I don't know that Calgary will significantly affect Toronto, at least in the short term.
Oil has always been a boom/bust for Calgary. Oil prices will definitely affect it and if they stay low for 6 months or a year, I do believe homes, high priced ones especially and new condos will really hurt. I belive and perhaps may be corrected but Calgary and Alberta have had busts before without it affecting Toronto or Vancouver.
As all those people leave the oil projects and the migration goes from West back to East (at least that is what I am expecting), that may well put some support under the Toronto market at least in the short term.
TheKingEast
Senior Member
Feb is typically a very slow month in real estate. Many agents go on vacation during that month. Things pick back up in March/April.
Calgary's market is nothing like Toronto's. Migos, you're trying too hard.
Calgary's market is nothing like Toronto's. Migos, you're trying too hard.
cdr108
Senior Member
those realtors should be heavily fined and license pulled for providing incorrect and misleading info.
AFAIK, none of the 2 bedroom units exceeded 800 sq ft interior space, so I don't know how these guys can list the properties as having 900-999 sq ft unless they're using creative math to include the balcony.
not sure if it's been registered yet or not, but in the link KA1 provided, the listings were assignments wanting to close by end of December 2014.
update: some listings said closing would be January 29, 2015
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Migos
Active Member
I'm interested in seeing how fast they rent as well, especially because many other buildings are reaching the occupancy stage over the next several months. Even places like L Tower that already have units on MLS still have many unfinished that will be coming to market. It will be an interesting spring.
The fall in oil price is a net negative for Canada as a whole, even Toronto. Obviously the impact in Calgary will be greater but we will all feel it. On a positive note for real estate, interest rates in Canada aren't going up anytime soon. However, that will lead to further depreciation of the CAD. Owners of assets denominated in CDN, including real estate, are already down 20%. The crash has already happened in a way.
Agree that less people moving to Alberta will help real estate in Toronto.
Migos
Active Member
So where are these listings coming from if agents are on vacation? Obviously it's a slow time for people to rent places out, I'm just pointing out the glut of supply coming online. Also, people moving in spring means they'll be leaving their existing household. A new condo being "absorbed" doesn't necessarily remove supply. Household formation does, which isn't necessarily as seasonal as moving.
I'm just posting my opinion like everybody in this thread. Take it or leave it.
interested
Senior Member
I think it would be interesting to see what the numbers are for condos on the MLS and the absorption rate compared to the same time last year. Don't know if someone could provide this for the Toronto core. I do suspect you are correct Migos that there will be more competition this Spring for renters. If so, maybe we will see price competition or at least that some of the less well laid out units will linger. Better layouts in better locations I suspect will still rent.
cdr108
Senior Member
Auraz
Active Member
Wow at 295 Adelaide, people do not like living there. 12 York is eating inventory up nicely. 29 Queens Quay E has such a long long way to go to completion. Same to 224 King.
interested
Senior Member
I just went on MLS and it suggests 32 for rent at 295 Adelaide.
Is there a reason you think people don't like living there even allowing that there are 32 and not 64 for rent?
There are 31 for sale at 21 Widemer.
Do you think it is the price point or the building.
I have not been in either so don't know.
Is it just that 295 is just registering or completing now perhaps?
Auraz
Active Member
I have a client in 295 Adelaide and shes non stop complaining(unit issues). Amenities are lackluster. Also very poor management and a lot of pissed off residents. 21 Widmer price point is laughable. People are so desperately trying to not lose money on that project but there's no doubt that they are not even breaking even. 21 Widmer though rents quite easily. Daniels sucked a lot of money out of that one.
I think it's just registering now and completion is very soon(think just top floors now)
interested
Senior Member
So, is it best to hold on to them or should we perhaps look into selling in early 2016? Two years ago it took me less than 24 hours to find a tenant for my furnished 1+1 unit at 21 Nelson. Now, it took just over two months with zero increase to the rent. I can already feel with all the units out there available, that it's harder to find tenants...
Related to this post: Fiurnished rentals are a different breed. They can rent out quickly but they are definitely more difficult as a rule to rent out than unfurnished. What has happened I believe if I look at the market is that the premium for furnished has come down quite a bit in the past 2 years over unfurnished. May perhaps explain why Aiekon had a longer wait.
1 day was very fast. I don't think over 2 months is particularly long since 1 month is the norm. Maybe we are just seeing law of averages at play here. One time fast rent, one time slightly slower. But he may be right that there is more product now to chose from and maybe we are reaching saturation.
Should be interesting to see if we start seeing differentiation between buildings close by each other and what is contributing to the differentiation...layout, price point, view etc.
cdr108
Senior Member
as the saying goes, "a rising tide lifts all boats".
so when the economy was booming and pre-con condos would sell out within months, most didn't care about layout, location, view or price.
with the onslaught of 10,000s units registering in next couple years, renters and buyers can and will be more choosey.
as you know, there are many buildings/units in the entertainment district just this year with many looking to sell on MLS or as assignments with unrealistic prices so they'll either have to sell at a loss or end up renting them out (at possibly negative monthly cash flow)
with home ownership over 70% in GTA