Why must you be so negative? Some people might be buying these condos because they actually want to live in it and this is an exciting time for them. Just because you buy a condo through a broker, it doesn't mean that you are an "investor". Also, if these condos turn out to be a good investment instead of the "doomsday" that you are predicting, will you apologize to all the people who missed out because of your bad advice/sarcasm? I didn't think so
Quit being overdramatic - what "doomsday"?
You consider a 20% retracement after 100-125% increase over the past 13 years unreasonable?
Look at historical values and trends for 100 years and one will notice that RE appreciates at 4% annually (that's inflation adjusted).
Ultra low interest rates from the BofC and every other nations' Federal Reserves are trying to keep this bubble afloat, trying to delay recessionary effects in the hopes that the business cycle picks up by then.
If you're buying as an end user, all the power to you.
But I ask you, why go pre-construction (with all the new building unknowns and surprises, delays, cancellations, phantom rents, extra taxes + costs, etc) when you can get more for less with re-sale and live in it now?
In addition, unless you get a confirmed mortgage rate locked
until the building closes, I can guarantee you won't see the ultra-low rates we are experiencing now in 5 years.
Will I apologize to all the people who missed out ... sure, but you seem to think you can read my mind and know otherwise.
Personally, at $450-500 PSF (the average price excluding the 400 SF bachelors that were sold at $160K) is a good investment for that area come 5 years, but that's my opinion and you're entitled to yours.