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.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.
Absolute madness!!!!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
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
Standard Parking Platinum: $165,000
Assignment Fee: $5,000
Platinum Promotion: $1,500 + $950 Legal Fee
Right to Lease during Occupancy
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
yes I remember posting about it in Feb 2021, even more insaneWasn'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...).
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.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.
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.