Canada's 'housing bubble' deemed close to bursting

[taal]

Originally Posted by LeftCoaster

INDX and Massey were big successes but some major projects have fallen flat on their face.

Think north...

North like 905 or 416 still ?

I'm guessing 905 sales will stay hot, they'll cool but not as much as the 416.


I bet your referring to e-condos or anything else in the Y&E and Y&B area.

[MonkeyRonin]

Originally Posted by RyeJay

Manhattanised? This is to what every major city evolves. Cities like London and Hong Kong were 'Manhattanised' before Manhattan was. The Toronto/New York and Canadian/American comparisons are so unimaginative and at this point rather tacky.

Manhattanization

[caltrane74]

Originally Posted by taal

North like 905 or 416 still ?

I'm guessing 905 sales will stay hot, they'll cool but not as much as the 416.


I bet your referring to e-condos or anything else in the Y&E and Y&B area.

I can't think of any major projects at Yonge-College/Yorkville or north outside of E-Condos that launched recently.

It must be e-condos.

[taal]

Originally Posted by caltrane74

I can't think of any major projects at Yonge-College/Yorkville or north outside of E-Condos that launched recently.

It must be e-condos.

That's one project. His tone seemed to imply it was a little more widespread then that.

[RyeJay]

Originally Posted by MonkeyRonin

Manhattanization

And New York experienced a Londonisation.

Brilliant. I just established a new neologism.

[WhipperSnapper]

Originally Posted by RyeJay

Manhattanised? This is to what every major city evolves. Cities like London and Hong Kong were 'Manhattanised' before Manhattan was. The Toronto/New York and Canadian/American comparisons are so unimaginative and at this point rather tacky.

Umm, yeah. Manhattanization refers to sheer height and scale of Manhattan after the golden age. Thousands of high-rises, dozens of skyscrapers and two supertalls graced the skyline of the 1930s. Canada had all the tallest towers in the British Commonwealth and the tallest didn't even top 500 feet.

[telyou]

Originally Posted by RyeJay

And New York experienced a Londonisation.

Brilliant. I just established a new neologism.

I get it, you don't understand the meaning and history behind the word so why are you bothering?

[caltrane74]

http://www.theglobeandmail.com/repor...rticle4391684/

Toronto Condo Party is over....

20% sales drop in June. - Prices up 5%

[rbt]

Originally Posted by caltrane74

http://www.theglobeandmail.com/repor...rticle4391684/

Toronto Condo Party is over....

20% sales drop in June. - Prices up 5%

It's a good thing the Build Toronto executives already have their bonus for 10 York. Lets see if this thing actually sells when fall comes around.

[cjbs1]

Meanwhile, Montreal saw almost a 27% increase in condo sales.

It seems Toronto and Vancouver are slowing down and investors are shifting east where the market hasn't been overbuilt and is relatively healthly.

We can see it with all the major projects announced in Montreal in the past couple of weeks.
Just today, another 42 floor proposal was made and was almost incognito

[caltrane74]

Keep in mind Toronto is coming off a 27,000 unit pace from last year.

With a 20% drop that would put us on pace for between 20,000 to 22,000 units. Keep in mind, that the months previous to June were all ahead of last years sales pace. April and May sales of new condos were records for Toronto and the GTA. Lastly, while new condo sales slowed, prices did not, up 5.5% over last year.

Montreal sold 6,000 new condo units last year, so a relatively small number of units sold has a major impact percentage-wise.

[vanatox]

What is your source for the 6,000 condo units? I know that there has been about 13,000 units sold in Montréal in 2010. So 6,000 condos in 2011 is impossible.

Condominium sales peaked in 2010 in the Montreal area, while 12 668 condos were sold, according to the Real Estate Board of Greater Montreal (GMREB).
This represents a growth of 7% over the last summit, established in 2009.

http://www.lesaffaires.com/secteurs-...-condos/523575

[caltrane74]

Your source is ALL condo sales.

Only new condos result in new buildings and added capacity.

Toronto sold 27,000 pre-construction condos last year. Condos sold which have not yet been built.

[vanatox]

ok. But could you please share your source for the sale of new condo units in Montréal. I can't find the numbers. It would be much appreciated.

[dleung]

Visited family in HK a month ago, and was struck by the complexity of the floorplates of their typical apartment buildings... the floorplate below is just a bit larger than a typical Yaletown one. If they're so big on minimizing wasted square footage in every apartment, why waste so much money on 2-3 times the amount of building envelope? I know natural ventilation is a big deal, but surely they could simplify the number of exterior corners in the floorplan?



What's interesting is that the average newish (1990's) 620sf 3-bedroom apartment in HK (yeah that's how efficient they are with space) is just over $500k, or $850psf. Those are downtown Vancouver prices... granted those apartments have far worse finishes tho

[caltrane74]

Well, Well, Well

A little pre-buying before the new Mortgage rules kick in.

June Highrise sales total is third best, on Record!!!

___________
http://urbantoronto.ca/news/2012/07/...market-results

RealNet Releases June 2012 Market Results
July 25, 2012 2:46 pm | by Evan Manning | 0 Comments
Given the concern expressed by policy makers and analysts regarding the state of the housing market in Toronto, monthly releases of market activity are of special interest in this climate of uncertainty. Acting as a financial barometer, these reports provide important direction for investors. Below is a summary of the most relevant data from the report provided to us by RealNet.

June Sales Results

3rd highest June High Rise sales on record

Lowest June Low Rise Sales on record

Total June sales 9% below the long term average

Q2 Sales Results

2nd highest Q2 High Rise sales on record - 51% higher than the long term average

3rd lowest Q2 Low Rise sales on record - 27% lower than the long term average

5th highest Q2 Total New Homes sales on record - 4% higher than the long term average

Looking forward to seeing if July is the month, the Toronto Market Crashes and Burns, like we expect it too!!

Exciting Times!

[whatnext]

More signs of the approaching crash?

Toronto condo market loses steam as investors bolt

Vancouver real estate market in full retreat

It kinda feels like we're on the apex of the rollercoaster, just waiting for that downward price plunge to start.

[caltrane74]

Originally Posted by whatnext

More signs of the approaching crash?

Toronto condo market loses steam as investors bolt


It kinda feels like we're on the apex of the rollercoaster, just waiting for that downward price plunge to start.

And over the course of the first six months of the year, sales are at their second-highest level ever.

Urbanation also noted the record 52,695 condo units under construction at the end of the last quarter, 88 per cent of them sold.

Toronto condo market loses steam as investors bolt

[osmo]

Originally Posted by caltrane74

Toronto condo market loses steam as investors bolt

That does not mean anything though. Rules changed July 1st and prices and sales have not be in proper correlation with each other. Whats in the ground now being built up is from sales from many months (or years) past and has no barring on the market today and now.

What we are seeing now is the sucking sound of the monopoly money being sucked out. The emperor has no clothes and the truth that not many people were truly intending to live in these condos is not coming into view. These speculators drove up prices and also drove up rents in the core also.


July numbers should be out tomorrow I assume. Lets wait and see what that holds.

[caltrane74]

I'm waiting for those July numbers...

Very exciting...