Canada Nov home sales fall, forecast cut for 2013

Well the Condo bubble has ....

just a matter of time for detached homes 

[quote author=ketchim link=topic=75573.msg465454#msg465454 date=1355767863]
Well the Condo bubble has ....

just a matter of time for detached homes 
[/quote]

I keep telling peeps that the condo market in Toronto is unsustainable.  When you look and see that most of the buyers are overseas nouveau riche Chinese, Indians and Russians you have to ask yourself what they will do if panic sets in?  Sell, Sell, Sell!!  But who are they gonna sell these overpriced eye sore units to for nearly a million dollars each?

[quote author=Snoopster link=topic=75573.msg465556#msg465556 date=1355780149]

I keep telling peeps that the condo market in Toronto is unsustainable. 
[/quote]
Exactly , and more units are close to being completed to add to the over supply :

some are occupied and still awaiting Registration under the Condminium Act  !

[quote author=ketchim link=topic=75573.msg465561#msg465561 date=1355780357]
Exactly , and more units are close to being completed to add to the over supply :

some are occupied and still awaiting Registration under the Condminium Act  !
[/quote]

The vast majority of those downtown Condos are being rented out by their overseas owners.  Quite a lot of my friends who work with Bay street law firms are renting them and paying $3000 a month in rent.  The trouble will come when all those overseas owners want to sell.  Who the rass in dey right mind gonna buy a downtown Condo for $1 million bucks? hocked:

They will have to give them away :

Good opportunity for Local buyers !

Laws of demand and supply !

[quote author=ketchim link=topic=75573.msg465574#msg465574 date=1355780827]
They will have to give them away :

Good opportunity for Local buyers !

Laws of demand and supply !
[/quote]

A lot of it might also depend on the interest rate situation.  Even if they are giving them away the interest rates might turn a lot off folks off Condos.

True....but I suspect interest rate will hold that steady low.

Posted 5 year term rate is 2.9 %

Discounted its like 2.4 .....

[quote author=Snoopster link=topic=75573.msg465556#msg465556 date=1355780149]
I keep telling peeps that the condo market in Toronto is unsustainable.  When you look and see that most of the buyers are overseas nouveau riche Chinese, Indians and Russians you have to ask yourself what they will do if panic sets in?  Sell, Sell, Sell!!  But who are they gonna sell these overpriced eye sore units to for nearly a million dollars each?
[/quote]


hush yuh mout' bwoy!  wat yuh sayin? hocked: hocked:


things will jess stabilize. its not only forriners who own.  stabilize..go down to clean out the chaff and stabilise around real value


and they also have not built rental units in years..and plan to build none any time soon. where will people live save in condos. :cheesy: :cheesy: :cheesy: :cheesy:


over-building will stop too.  thats good!


and places like Liberty Village is superb, no eyesore, no great big tall buildings and lots of old industrial conversions.


some of the taller condos are eyesores.  and apartment design often sucks.  I love all the apartment designs in Liberty village.  thats a fine place already.