Uncle Teddy
Senior Member
Great addition to the corner.
Toronto eCondos | 195.67m | 58s | Bazis | Rosario Varacalli
- Thread starter buildup
- Start date
ThomasJ
Active Member
Ramako
Moderator
Or you could just tell us what you know instead of playing unnecessarily cryptic urbandreamer-esque games with us.
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innsertnamehere
Superstar
When left coaster originally warned of slow sales in "northern" Toronto, I was thinking he was talking about 101 erskine
Big Daddy
Senior Member
I believe these condos would be aimed at first time home buyers and as such were priced too high.
Also, first time home buyers were significantly impacted by Duncan's reduction of the amortization period from 30 to 25 years. Adds hundreds to their monthly payments.
Also, first time home buyers were significantly impacted by Duncan's reduction of the amortization period from 30 to 25 years. Adds hundreds to their monthly payments.
cdr108
Senior Member
et
i think you meant Flaherty and payments increased by 8-10% with the reduced amortization from 30 to 25 years, which isn't a bad thing.
keep in mind, none of this would have been necessary if Flaherty, et al hadn't meddled in the first place by increasing the amortization up to 40 years in 2006. by doing what they did back they, it brought sales forward and inflated prices at the same time.
now we're going to feel the pain since the BofC doesn't have any ammo left as they've dropped rates to 1%, and that's due to normalize in the near future.
i think you meant Flaherty and payments increased by 8-10% with the reduced amortization from 30 to 25 years, which isn't a bad thing.
keep in mind, none of this would have been necessary if Flaherty, et al hadn't meddled in the first place by increasing the amortization up to 40 years in 2006. by doing what they did back they, it brought sales forward and inflated prices at the same time.
now we're going to feel the pain since the BofC doesn't have any ammo left as they've dropped rates to 1%, and that's due to normalize in the near future.
urbandreamer
recession proof
Or maybe by a haircut he means put on hold? I can definitely see many many projects put on hold. Some realtors are hoping for a miracle...aka 2009 all over again. I have my doubts.
Caltrane, recall what I told you about this project many months ago?
Caltrane, recall what I told you about this project many months ago?
Big Daddy
Senior Member
That's right, the cure for the economy is people buying houses, cars et al - the problem is eveyone's credit is maxed out.
Low interest rates can't fix this problem - only time can. Hence we go through a period of SLOW or no growth. One thing that has helped us (Toronto especially) weather the Economic storm is the influx of immigrants - and this will continue and is likely the thing that will keep our boom going albeit at a slightly reduced rate. (they aren't building houses in Toronto anymore)
buildup
Senior Member
Immigrants will only continue to come if we continue to create jobs, and this in part depends on the CDN$ and the US economy - so far as Ontario isconcerned.
Northern Magus
Active Member
Far be it for me to interrupt a mini rant, but you're both partly correct.
Big Daddy was referring to the fact that immigration grows a domestic economy by increasing the demand for goods and services -- which has undoubtedly played an important role in protecting the Canadian economy over the past few years while, as you've suggested, the US economy imploded and our dollar soared due in large part to petroleum reserves.
However, to suggest that immigration is somehow imperilled by (a) the exchange rate of the Canadian dollar compared to $USD, (b) the US economy, and (indirectly, c) the state of the manufacturing sector in Ontario, is myopic at best since you ignore the fact that Canada overall is doing much better than most other industrialized jurisdictions. Canada remains one of the premiere immigration destinations in the world, a position which has only been strengthened by how well we've weathered the global economic storm.
caltrane74
Senior Member
I remember talking to you one night on twitter, about the entire condo market. But I don't recall this project on it's own in particular.
Yonge and Eglinton, is one of those areas, I believe developers can get a premium on pricing due to its location, and the coming Crosstown LRT. There is real upside to investing in this area longterm. It will be a major transit hub.
urbandreamer
recession proof
I said that everytime they propose a large tower on a prime intersection of the city the condo market crashes.
ThomasJ
Active Member
innsertnamehere
Superstar
if they do anything, hopefully they just cut the second, shorter tower, and leave it for "phase 2"
buildup
Senior Member
Also true, though I was referring more to Ontario specifically that Canada overall. I agree immigration will continue to accelerate in the Western provinces, but we need Ontario to get back in gear if its going to help support Toronto development.