Toronto Concord Sky | 299m | 85s | Concord Adex | Kohn Pedersen Fox

Am I the only one who thinks the pricing is reasonable for this "land mark tower"? Aura 2 bedrooms are trading for around 950,000 if you consider this doesnt finish for another 4 years + the usual concord delay it would likely make a good investment?

All I need is someone to lend me 200k though. xD
 
DogLover said:
Am I the only one who thinks the pricing is reasonable for this "land mark tower"? Aura 2 bedrooms are trading for around 950,000 if you consider this doesnt finish for another 4 years + the usual concord delay it would likely make a good investment?

All I need is someone to lend me 200k though. xD
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They're probably taking into account the housing crash that's going to happen.
 
DogLover said:
Am I the only one who thinks the pricing is reasonable for this "land mark tower"? Aura 2 bedrooms are trading for around 950,000 if you consider this doesnt finish for another 4 years + the usual concord delay it would likely make a good investment?

All I need is someone to lend me 200k though. xD
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My general comment is that some of these prices approach those in Brooklyn, and that seems unreasonable.

Now, Concord has the right to charge what they think the market will bear. Unfortunately I think where pricing is going in general is a long-term negative for Toronto and Canada - but again, that’s absolutely not Concord’s issue.
 
allengeorge said:
My general comment is that some of these prices approach those in Brooklyn, and that seems unreasonable.

Now, Concord has the right to charge what they think the market will bear. Unfortunately I think where pricing is going in general is a long-term negative for Toronto and Canada - but again, that’s absolutely not Concord’s issue.
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As a lot of the market is being driven by "investment" (apparently about 25% of it, in fact—https://www.cbc.ca/news/canada/toronto/investors-in-ontario-real-estate-market-1.6258199), that bubble will pop sooner or later. Eventually, prices will get to the point where financing options for these investors will balk, leaving vastly overpriced condos unsold. Or alternatively, as urban prices go up, so too do suburban and greater metro (now currently in full-swing), leaving fewer options for those living in a city metro area to take on more debt than they can handle. Voila, housing crash, and a lot of people out of a lot of money. The other option being the city just can no longer sustain itself and collapses, losing both business and residents. The market pricing isn't being driven by long-term investment, it's being driven by airbnb micro-hoteliers, pre-con flippers and wannabe land barons looking to make a lot of money quickly.

And yeah, we've been hearing this for ages and it just keeps going up. But there there was a lot of natural growth driving it to begin with. Right now though, it's an "investment" free-for-all, and every speculator market finds its limits. It's not if, but when.
 
zang said:
As a lot of the market is being driven by "investment" (apparently about 25% of it, in fact—https://www.cbc.ca/news/canada/toronto/investors-in-ontario-real-estate-market-1.6258199), that bubble will pop sooner or later. Eventually, prices will get to the point where financing options for these investors will balk, leaving vastly overpriced condos unsold. Or alternatively, as urban prices go up, so too do suburban and greater metro (now currently in full-swing), leaving fewer options for those living in a city metro area to take on more debt than they can handle. Voila, housing crash, and a lot of people out of a lot of money. The other option being the city just can no longer sustain itself and collapses, losing both business and residents. The market pricing isn't being driven by long-term investment, it's being driven by airbnb micro-hoteliers, pre-con flippers and wannabe land barons looking to make a lot of money quickly.

And yeah, we've been hearing this for ages and it just keeps going up. But there there was a lot of natural growth driving it to begin with. Right now though, it's an "investment" free-for-all, and every speculator market finds its limits. It's not if, but when.
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Apparently in Toronto it's more like 30%. Either way it's increased dramatically in the last decade. People always talk about supply when discussing housing prices but cooling the investor market is just as important.
 
allengeorge said:
My general comment is that some of these prices approach those in Brooklyn, and that seems unreasonable.

Now, Concord has the right to charge what they think the market will bear. Unfortunately I think where pricing is going in general is a long-term negative for Toronto and Canada - but again, that’s absolutely not Concord’s issue.
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Forget Brooklyn, it's Manhattan/central London/Central Tokyo level.

zang said:
As a lot of the market is being driven by "investment" (apparently about 25% of it, in fact—https://www.cbc.ca/news/canada/toronto/investors-in-ontario-real-estate-market-1.6258199), that bubble will pop sooner or later. Eventually, prices will get to the point where financing options for these investors will balk, leaving vastly overpriced condos unsold. Or alternatively, as urban prices go up, so too do suburban and greater metro (now currently in full-swing), leaving fewer options for those living in a city metro area to take on more debt than they can handle. Voila, housing crash, and a lot of people out of a lot of money. The other option being the city just can no longer sustain itself and collapses, losing both business and residents. The market pricing isn't being driven by long-term investment, it's being driven by airbnb micro-hoteliers, pre-con flippers and wannabe land barons looking to make a lot of money quickly.

And yeah, we've been hearing this for ages and it just keeps going up. But there there was a lot of natural growth driving it to begin with. Right now though, it's an "investment" free-for-all, and every speculator market finds its limits. It's not if, but when.
Click to expand...

MisterF said:
Apparently in Toronto it's more like 30%. Either way it's increased dramatically in the last decade. People always talk about supply when discussing housing prices but cooling the investor market is just as important.
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70-90% for precon condos I believe. My question is how do these units turn their owners a profit when the mortgage alone will be higher current rents in the area.
 
Bjays92 said:
After reading the through this wonderful and lively debate the only question I'm left with is, why the constant 432 Park Avenue hate? I genuinely don't get it.
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Sorry for the off-topic, but I believe that building is facing many quality problems of the sort you'd expect from a basic Toronto production building.
 
MisterF said:
70-90% for precon condos I believe. My question is how do these units turn their owners a profit when the mortgage alone will be higher current rents in the area.
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I'm gonna guess for many they don't. But failure to make money doesn't stop the majority from joining speculator trends. All it takes is a few to make some money and a million people will see dollar signs.
 
Undead said:
Forget Brooklyn, it's Manhattan/central London/Central Tokyo level.
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Thankfully it's not quite there. For reference, my single 1 bedroom in Manhattan (and not even the most expensive area) is around ~1.5M. Not to mention NYC property taxes and condo fees tend to be much higher, so ~6000-7000 monthly for ownership.

900k for a central Toronto 2BR definitely seems good considering a lot of the 2BRs I've seen in Vancouver/Toronto is hitting the 1.3M+ mark.
 
yitianjian said:
Thankfully it's not quite there. For reference, my single 1 bedroom in Manhattan (and not even the most expensive area) is around ~1.5M. Not to mention NYC property taxes and condo fees tend to be much higher, so ~6000-7000 monthly for ownership.

900k for a central Toronto 2BR definitely seems good considering a lot of the 2BRs I've seen in Vancouver/Toronto is hitting the 1.3M+ mark.
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A fair bit of choice between 600 and 900k:

Capture.JPG
 
Not to be too pedantic, but a lot of those are aging buildings with very high condo fees (3k+ per month is not uncommon, and some of those are 6k+) or are cooperatives which have a completely different structure than condominiums. For a new building such as this, it's not really comparable.

(sorry this is getting too off topic)
 
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