[Rimsky44]

Did they really have to cut bait like that? They could have reno'd it and then sold it instead of losing close to $1M dollars.

I'm speculating - but it was probably for tax purposes. You crystalize the loss in a holding company which will be used for further developments to shelter $1m of future development gains (non-capital gains eligible) - sell it to yourself personally, renovate it and live in it for a bit to take advantage of capital gains tax treatment personally.

I highly doubt they sold it to a 3rd party.

 

[slickpete83]

OMG how did we even get to this point , $861K for a 1 bedroom 476sqft condo and the bedroom is not even a real bedroom but one with sliding doors and no window to the outside,
that's like over $1800/sqft

CIELO CONDOS

300 Bloor Street West

- Located in the Heart area Of Downtown Toronto
- Close to the University of Toronto, Ryerson University, George Brown College

Starting from $861,000

EV platinum Promotion $175,000
Plus
Standard Parking Platinum: $165,000
Plus
Assignment Fee: $5,000
Platinum Promotion: $1,500 + $950 Legal Fee
Plus
Right to Lease during Occupancy
Plus
Extended Deposit Structure
$10,000 on Signing
Balance of 5% in 30 Days
5% in 210 Days
5% in 690 Days
5% on Occupancy

 

[karledice]

omg! thats crazy!

 

[dr.dylz]

OMG how did we even get to this point , $861K for a 1 bedroom 476sqft condo and the bedroom is not even a real bedroom but one with sliding doors and no window to the outside,
that's like over $1800/sqft

CIELO CONDOS

300 Bloor Street West

- Located in the Heart area Of Downtown Toronto
- Close to the University of Toronto, Ryerson University, George Brown College

Starting from $861,000

EV platinum Promotion $175,000
Plus
Standard Parking Platinum: $165,000
Plus
Assignment Fee: $5,000
Platinum Promotion: $1,500 + $950 Legal Fee
Plus
Right to Lease during Occupancy
Plus
Extended Deposit Structure
$10,000 on Signing
Balance of 5% in 30 Days
5% in 210 Days
5% in 690 Days
5% on Occupancy
View attachment 352514

Absolute madness!!!!

 

[Rimsky44]

Wasn't the United Bldg around that range (EDIT: when launched)? Between the two, I'd prefer the Bloor location if same price, so it's not unprecedented.
(EDIT 2: It's still insane - not that I'm saying it's fine...).

 

[slickpete83]

Wasn't the United Bldg around that range (EDIT: when launched)? Between the two, I'd prefer the Bloor location if same price, so it's not unprecedented.
(EDIT 2: It's still insane - not that I'm saying it's fine...).

yes I remember posting about it in Feb 2021, even more insane

https://www.buzzbuzzhome.com/ca/the-united-bldg-condos
Pricing makes no sense , even for Downtown Toronto next to subway !!! $787,990 for

Studio

1 Baths

279 SqFt

$2,824 per SqFt

what are they expecting rent to be at that price lol...

 

[slickpete83]

here is throw back to early 2000's , even the lady in the ad is smiling because she can afford to buy something hahahaha

 

[dusk]

Feel free to quote me in 5 years. If substantial policy changes are not put in place, we’ll consider the current housing market “cheap”.

 

[Woodbridge_Heights]

here is throw back to early 2000's , even the lady in the ad is smiling because she can afford to buy something hahahaha
View attachment 352733

Ah the good old days when home ownership was reasonably within reach. I kick myself multiple times per day for not getting in at this point (finances were an issue for me at that time). Even with a moderate maintenance fee of a few hundred bucks per month these condos were affordable for the average person making an average salary.

**EDIT**
Adjusting for inflation the entry level condos here would cost ~$170k in 2021 dollars.

 

[Undead]

Ah the good old days when home ownership was reasonably within reach. I kick myself multiple times per day for not getting in at this point (finances were an issue for me at that time). Even with a moderate maintenance fee of a few hundred bucks per month these condos were affordable for the average person making an average salary.

**EDIT**
Adjusting for inflation the entry level condos here would cost ~$170k in 2021 dollars.

Same here. In 2010, my family was heavily scouting Newmarket. Back then, a good average house there was going for 290-320k. We had a healthy down payment saved (about 30%) and a solid family income in the high five figure range.

But being very timid and expecting the bubble to burst, we didn't take the plunge.

Fortunately, we did eventually get in, but of course got much less bang for our buck.

I guess the old adage is true that the Canadian government can keep printing money longer than you can remain solvent.

 

[evandyk]

Same here. In 2010, my family was heavily scouting Newmarket. Back then, a good average house there was going for 290-320k. We had a healthy down payment saved (about 30%) and a solid family income in the high five figure range.

When I graduated, a little earlier than that, a couple fresh out of school with decent incomes could realistically afford a two bedroom apartment in the Annex, or a semi in somewhere like Leslieville or Bloordale (if you were ready to be a little house poor). Those were the days!

 

[WeirdFishes]

When I was a wee little lad, milk was delivered to my door and was only 5 cents. Those were the days.

 

[evandyk]

That was a little before my time! But Toronto has gone from a kind of provincial city where everyone with a job could afford a two bedroom apartment or small house, to one where most people should expect to live in pretty tight living conditions, in the span of 20 years.

To the extent that it pushes people into more dense living arrangements, it's great. To the extent that we don't build family-sized apartments and push people out into sprawl, it's a disaster.

 

[slickpete83]

i was just watching this today, seems Calgary Condos are a better investment then Toronto Condos when it comes to downpayment, cashflow and rents, the numbers are shocking if your used to Toronto prices

 

[Jonny5]

This is from the Globe and Mail story on Calgary real estate today.
Buildings in gold are more than 50% vacant.
Buildings in red are more than 90% vacant, or completely abandoned, save a security contingent to patrol them.
Uncoloured buildings are residential, institutional, or government without commercially available space to lease.

They note that much automation of the business side of the O&G sector has happened, and outsourcing and offshoring of jobs like accounting and finance on top of that means that many of the jobs that existed here in 2012 will never return, no matter if the price of Canadian oil rises above $100/barrel again. Those white-collar jobs are permanently gone.

Beyond that, look how many surface parking lots they still have which even in the boom times developers decided couldn't be made worth it to turn into something.