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Condo market to crash in Toronto?
- Thread starter GovernorARNOLD
- Start date
Admiral Beez
Superstar
With so many condos going up, we're going to hit a surplus in supply soon. Now, if only these developers would build a three bedroom condo for families instead of these one + 1/2 bedroom units for yuppies and gen-x/y folks, they'd still do okay.
MisterF
Senior Member
The article clearly states that 3 bedroom units have the tightest profit margins and are the hardest to rent/sell, while 1 bedroom units make the most. Developers will continue to develop what sells.
Anyway, people have been predicting the condo market crash for 5 years now. meh.
Anyway, people have been predicting the condo market crash for 5 years now. meh.
doady
Senior Member
Its wierd, they have to keep saying this over and over because it never comes true.
EnviroTO
Senior Member
I see that it says they are the hardest to rent, but I don't see anything about sales. I think that the more rooms a residence has the less likely it is to be used as a rental since renting is a method to reduce costs. If someone has the money to rent a three bedroom they probably can afford to carry a mortgage on something a bit smaller.
dt_toronto_geek
Superstar
For a couple of years there are articles indicating Toronto is over saturated in the condo market but they're continuing to sell like street meat. Confidence is high, the economy is good and there's lots of foreign investment. Interest rates are slowly creeping up but it doesn't seem to be hurting sales. Certainly there will be a correction just as likely as a recession.
Observer Walt
Senior Member
... Yawn ... we've heard this before, going back several years.
ganjavih
Senior Member
I doubt it'll crash. At worst, the market will soften... perhaps dip 5-10%. Real estate in Toronto is still relatively affordable versus other major North American or international cities... there's no room for a crash.
lordmandeep
Banned
the truth is the population is increasing in places where the condo boom is going on. The population of the Toronto Centre riding went up 6% since 2001.
The areas all along Yonge street got significant population growth. Its some of the older suburban areas where there has been no development where the population is severely declining.
The areas all along Yonge street got significant population growth. Its some of the older suburban areas where there has been no development where the population is severely declining.
ShonTron
Moderator
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There is a strong feeling within the City of Toronto that Statscan undercounted the population in 2006.
Hipster Duck
Senior Member
The number of illegal immigrants in Toronto is pretty high. I know a few of them, as well as a handful of people who couch surf or spend the majority of their time in Toronto, while claiming residency elsewhere in the province/country. I imagine there are far more people like this. It's impossible to tell how much StatsCan undercounted Toronto's actual population, but there's no doubt that there was an undercount.
lordmandeep
Banned
even so the places where there have been a lot of redevelopment, they have experienced a large amount of growth.
urbandreamer
recession proof
yeah many of those illegal mexicans have built the condos you rich folk live in. Kind of ironic: they build them; then get kicked out of canada. Nice justice eh?
AndreaPalladio
Senior Member
There's nothing stopping a family wanting to live in an apartment from buying two and knocking them together. It happens in New York all the time.
afransen
Senior Member
But then you're paying for two kitchens, etc., no?