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City of mass construction: Toronto’s unstoppable condos show no signs of slowing down

Weird page 3 posts in a condo thread…

Anyways,

Several buildings in Toronto have offered free 26" LCD TVs for years. They're cheap as borscht so I suspect this is why they do it. It's like getting a $250 discount off a $12000 yearly rental cost, which is 2%.
 
AnarchoSocialist said:
...it was the affluent who could first afford suburban living and sparked a multi-generation in how people viewed thinking...
Click to expand...

To an extent. It's interesting that before there were suburbs (whether streetcar or automobile-enabled), there were (almost) entirely unregulated shanty-town-like settlements that would sit just outside the city limits. Land prices (and/or rents) would be sufficiently cheap that people on the lower ends of the working class, should they be industrious enough and have the opportunity, would be able to muster up housing for themselves - sometimes comparable to those in the more skilled trades inside the city. Of course, they did not get services like plumbing. It was often then that speculators and developers would come out, noticing that people would actually go out that far, and purchase this cheap land for development. Once the more affluent bought into these developments, they would ultimately bring services with them, either through the organization into a town, or successfully having the city they first settled outside of annex them.

I don't bring it up to pretend that the affluent didn't popularize the concept of suburban living (they certainly did; also a more affordable version of the ideal of country estates), just to note that there were many instances in which it was actually those at the socioeconomic near-bottom that were the true vanguard to suburban living. For them it didn't come with brochures promising cleaner air, smiling families, or large billboards with their tattered, eternally-flapping flags, rather from being unable to occupy land inside a city due to both real estate prices (or rents) and the municipal tax-burden (however fleetingly small they were then relative to now). All things that developers tend to look for as well.
 
Ervin said:
Just waiting for the crash now. The longer this blind construction goes on for, the harder the fall will be.
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I doubt it, look out for future Japanese investors.

Chinese investors once again pouring money into Canadian real estate

Mr. Good’s company has sold more than 500 condos in Vancouver and Toronto in the last two months to Chinese investors. The latest rush into Richmond has moved a growing number of homes over the $1-million mark. A 34-storey condo tower in suburban Burnaby sold out immediately, with the majority of purchasers reportedly being Chinese. The $98-million in sales set a single-day record for the municipality.

http://www.theglobeandmail.com/news...ney-into-canadian-real-estate/article1939457/
 
Ah yes, foreign investors. They really add value to our communities don't they. What with their sound understanding of local market conditions and propensity to generate strong rates of return on their investments.
 
Automation Gallery said:
I doubt it, look out for future Japanese investors.

Chinese investors once again pouring money into Canadian real estate

Mr. Good’s company has sold more than 500 condos in Vancouver and Toronto in the last two months to Chinese investors. The latest rush into Richmond has moved a growing number of homes over the $1-million mark. A 34-storey condo tower in suburban Burnaby sold out immediately, with the majority of purchasers reportedly being Chinese. The $98-million in sales set a single-day record for the municipality.

http://www.theglobeandmail.com/news...ney-into-canadian-real-estate/article1939457/
Click to expand...
You have to take just about anything about real estate that's coming out of Vancouver with a grain of salt. And by grain i mean that these stories are somewhere between propoganda and bold faced lies. Vancouver's a speculative, hysterical disaster waiting to happen.

That said, the relative absence of foreign investors in Toronto means that things are somewhat safer here.
 
Foreign investors also drive up the price of real estate for the average buyers who actually want to live in the buildings they buy. That's the one big issue for me.
 
Not sure if this is the right place to be asking this... I am finding the pre-construction market really an insiders game, is anyone else? By the time I get to even look at units, the ones I can afford or don't suck are all gone... How does one get into this game?
 
Niko, many although not all of new projects will hold a "VIP preview" day, or something similar. Agents who are known to be able to generate multiple sales will be invited to these, prior to the opening up of sales to the general public. Hook yourself up with one of those agents.
You don't pay RE agent's commission, the developer does.
 
TrickyRicky said:
Ah yes, foreign investors. They really add value to our communities don't they. What with their sound understanding of local market conditions and propensity to generate strong rates of return on their investments.
Click to expand...

lafard said:
You have to take just about anything about real estate that's coming out of Vancouver with a grain of salt. And by grain i mean that these stories are somewhere between propoganda and bold faced lies. Vancouver's a speculative, hysterical disaster waiting to happen.

That said, the relative absence of foreign investors in Toronto means that things are somewhat safer here.
Click to expand...


Wow...$4-billion in foreign investment :)

Toronto Among Top Targets For Global Property Investors

According to Cushman & Wakefield’s International Investment Atlas Summary 2011, Toronto became one of the top 20 cities for global commercial real estate investors. Overall, though, Canada lags behind, holding a distant seventh place when it comes to total amount of foreign investment.

The summary indicates that Ontario’s capital attracted about $4-billion in foreign investment throughout the last year, putting it in 13th place on the list. Similar amounts were invested in cities like Chicago, Sydney, Moscow, Shanghai and Stockholm.

Still, the figures remain relatively low compared to world leaders London ($21.1 billion), Tokyo ($15.6 billion) and New York ($11.8 billion). New York saw a near doubling in its amount to succeed Paris as third-place city. London has also been a target for Canadian investors as the city benefits from its growing image as the safe haven of the global market.

The report further states that “The Canadian market recovered well in 2010, with investment up nearly 150 per cent, yields falling over 50 basis points and rents stabilizing and increasing in some segments as occupier demand firmed and employment regained the ground lost in the recession.”

Lately, there has been a mild increase in supply, meeting strong investor demand although many major Canadian investors continue to look outside the country for access to a greater pool of investment opportunities.

http://ilovetoronto.com/toronto-rea...ong-top-targets-for-global-property-investors
 
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I'm joking around of course Automation. I've come to understand that all issues are really about interests. Foreign investors are great if you are a sheppard and they are your flock. Personally they both help and hurt my interests. They help my present position but rob from my future potential.
 
I always thought it was the other way around... where if you have more development and product, you have more competition, therefore more choices and a better chance of wheeling and dealing for what you require. Imagine living in a city like Boston where at the moment they are developing a half a dozen or so new mid-rise condo developments with asking prices upwards of $700.000 dollars.:eek:
 
From Urbanation..

TORONTO – May 9, 2011: Urbanation Inc., the leading source of information and analysis on the Toronto condominium market since 1981, today released its Q1-2011 market overview.

The Toronto CMA new condominium market kicked off 2011with a bang, with 5,201 sales. That was just 214 sales shy of the record first quarter result from 2010. The resale market also showed a strong start in Q1, with 3,952 units sold, just 338 fewer than last year’s first quarter record of 4,290.

“These near record sales in the first quarter of 2011 mark a prelude to an even more vibrant second quarter,†says Ben Myers, Urbanation Executive Vice President and Editor.

The most noteworthy result in the market was the 7,550 construction starts in the first quarter, while there are now a record number of suites under construction in the Toronto CMA at 37,706. At the end of Q1-2011, over half of the 284 new condominium apartment projects and 73,643 units were under construction. Just 17 percent of the new condominium suites in the CMA were unsold (12,272 units) matching the record low set in the first quarters of 2010 and 1986.

“This momentum will continue into the second quarter, when an estimated 45 new condominium projects, representing 9,500 units, will launch,†says Myers. “That’s a healthy increase over the just 23 new condominium towers launched in the second quarter of 2010.â€

More...http://urbanationinc.blogspot.com/2011/05/urbanation-projects-buoyant-first.html?spref=tw
 
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