Strange Advance said:
👍 Let's hope the condo market starts picking up again. It can't get much lower.
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What? No. The Condo market was wildly over inflated.

Still is.

This decrease in price is extremely necessary and it still needs to fall further to get back to a healthier state.

We all want to see these incredible buildings built, but 400 sq/ft for $800,000 is not normal in Toronto.

Let the crash continue!

🍺
 
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hawc said:
What? No. The Condo market was wildly over inflated.

Still is.

This decrease in price is extremely necessary and it still needs to fall further to get back to a healthier state.

We all want to see these incredible buildings built, but 400 sq/ft for $800,000 is not normal in Toronto.

Let the crash continue!

🍺
Click to expand...
I totally agree about the prices being ludicrous and the market being exceptionally overinflated, but I just worry about an accrual of project cancellations if the sales lull continues for who knows how many more months and years. Condos should be seen as an attractive alternative to SFHs (the traditional "white-picket-fence" dream), and at the prices they were selling for (on average, almost the equivalent of SFHs), it was hard to make that argument.
Personally, I think 400 sq/ft is feasible for one person, two at most, but as has been mentioned on these pages over and over, many non-invester buyers now are looking for units that can accommodate actual families. I read recently that some small pre-owned downtown condos are selling for around $300,000. That's much more realistic, imo.
 
2027 and 2028 will be worse as we have many condos nearing completion and as
1/3 of buyers during 2020/2021 will have their mortgages set higher.
A lot of them will take the L and flood the market with more units.
At the same time, new starts will probably hit rock bottom and almost half the workforce in Ontario's construction job market will be let go, worsening the economy.
Many are also predicting that AI agents will be able to handle 2 weeks worth of desk job projects and administration by 2028 so downtown is only gonna get worse for the foreseeable future.
I expect this project to be forgotten by the time the downtown condo market comes back, if it ever comes back at all.
 
biospherian said:
2027 and 2028 will be worse as we have many condos nearing completion
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2022-2025 were back to back record years for completions. 2026 is supposed to be lower, 2027 even lower and practically no new condos are expected for 2028 (it'll all be rentals).

biospherian said:
1/3 of buyers during 2020/2021 will have their mortgages set higher.
Click to expand...
Most covid mortgages have already reset and the remaining ~20% will be resetting this year.
 
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So the top floor will be having a restaurant ?
I’m not sure if this was suggested it would be cool if there was a zipline from the can tower to the roof top of sky tower. Several reasons why it’s not feasible 😂
 
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