Condodude said:
Do you think it will happen?
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I can't say for sure, but it looks that way to me.

Condodude said:
Will it be rental or cancelled?
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The two are linked, you have to cancel (refund deposits) to go rental, unless you attempted mixed tenure, which seems unlikely.

Are they likely to let Filmores stand for another generation? I don't think so. That's an expensive strip club lease.

Condodude said:
Is there a statement coming soon?
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I don't know.
 
Northern Light said:
No *news* here yet............but some likely in the offing.

I anticipate a change in tenure.
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I was chatting with a guy who works with a bunch of developers and is tied to an investment firm. He mentioned that Elektra has only sold about 30% of the units and there are internal talks that the project might get cancelled. Nothing confirmed yet, but that’s what he said. Apparently, they also applied for CMHC financing and got rejected. Feel bad for the people who bought into this. Launched back in 2022, still no construction, and barely a third sold. It’s definitely not looking good.
 
bigmantoronto said:
I was chatting with a guy who works with a bunch of developers and is tied to an investment firm. He mentioned that Elektra has only sold about 30% of the units and there are internal talks that the project might get cancelled. Nothing confirmed yet, but that’s what he said. Apparently, they also applied for CMHC financing and got rejected. Feel bad for the people who bought into this. Launched back in 2022, still no construction, and barely a third sold. It’s definitely not looking good.
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If Menkes can't get shovels into the ground on a development, what hope do other smaller firms have?
 
stfeinberg said:
If Menkes can't get shovels into the ground on a development, what hope do other smaller firms have?
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On mid-market condos, there is no market. For anyone.

There's a huge inventory glut to clear.

There are pockets (small) pockets at the high end of market that still exist, but otherwise, by and large, it's rental or bust.

There is a GTA market for SFH/Townhomes, which is obviously not what's going in here. Though even there, the price pressure is steep on recently assembled holdings.

Prices for single detached are down nearly 6% year on year. That's a really hard market to make anything pencil.

If you bought the land in 2018....maybe. Got it from a distressed investor at a discount, possible.

Otherwise, not happening.
 
The Menkes store at Harbourfront which was the sales office for Elektra is now closed. They have closed that office down and are looking for new tenants to fill the space. Maybe they are moving the office to a different location. Not sure, but with the condo market being a blood bath, it’s hard to tell.
 
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