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Condo boom commence à inquièter plus sérieusement à Toronto.


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Heres the picture. South Beach condos are the first two buildings in my picture (one has a red crane on the smallest U/C building) and the other is fully completed and glazed (square looking one). Just want to add that theres going to be 3-4 more 100+ highrises in a few years on my view.

6264490641_e2bdaa8174_b.jpg

002 by FollowDeLeader, on Flickr

 

LOL That tower U/C looks the same as the one I can see from my view right now in Burlington, ON, except the surrounding towers look nothing like the ones surrounding in the picture :P

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Speaking of the Toronto condo market, some of the units are quite small. I remember an article in the National Post or was it the Globe and Mail. How some of the condos on the market now, are the size of some hotel rooms, small hotel rooms (i.e 400 sq.ft). Plus if you have 125,000 people moving into Toronto per year, where are they going to go. I don't think that theres many homes for sale in the GTA that could accommodate that number per year, but that is just me. Plus condos to me are like space savers, instead of having 300 homes taking up 35-100 acres, it is taking up 1-4 acres of space. People will start worrying about the market, when you start seeing drops in buyers month by month or when a new condo development starts and no one wants to buy into it, thats when you know the game is over and something got to give and we all know what that will be, the price.

 

Just look at Vancouver, the price are sky high and it is still going up. True, many of the buyers are wealthy individuals from China. Soon enough, things will balance out all over Canada. I think we have learnt from the mistakes from the past (economically speaking).

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I have to say that i'm not really worried about the condo boom in Toronto. The GTA grows by 125,00 people per YEAR!!! That's HUGE. Also, if this really was a "bubble", it would have burst by now. This condo boom has been going strong for over a decade now. Usually these "bubbles" rarely last that long.

 

True that the GTA is growing at a feverish pace, but last time I checked (the 2001-2006 census) the city of Toronto itself was not. I'm even willing to venture a guess that the growth during 2001-2006 (of around 22,000 total- from 2,481,000 to 2,503,000 if I'm not mistaken) was underestimated. My point is that, seeing as how most of the GTA's condo units have been built/are under construction in the city of Toronto, there's likely soon to be a saturation on the market (if not already). And naturally, not all of the GTA's newcomers are settling down in new condo units. The GTA has some mega-sprawl, as we know, that probably accounts for a large portion of its growth.

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True that the GTA is growing at a feverish pace, but last time I checked (the 2001-2006 census) the city of Toronto itself was not. I'm even willing to venture a guess that the growth during 2001-2006 (of around 22,000 total- from 2,481,000 to 2,503,000 if I'm not mistaken) was underestimated. My point is that, seeing as how most of the GTA's condo units have been built/are under construction in the city of Toronto, there's likely soon to be a saturation on the market (if not already). And naturally, not all of the GTA's newcomers are settling down in new condo units. The GTA has some mega-sprawl, as we know, that probably accounts for a large portion of its growth.

 

in July 2010 Toronto's population was 2,720,000. so the city is growing too.

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According to projections by Statistics Canada, Toronto’s population will hit nearly 2.6 million by 2011, a jump of 5 percent from 2006; the growth rate for the GTA as a whole outstrips that by nearly two-to-one, rocketing to 6.26 million, a 9.2 percent change from 2006.

 

I wonder how much of that is just from expanding the boundaries of the GTA... like maybe they added Hamilton :rotfl:

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