BrianPersaud
Active Member
Steady sales for Bisha? That's not what I've heard. Stuck at 45% for the last 4 weeks - this for a project that's been on sale for 3 months now.
I think this recent surge in new condo buying is an indication of investor speculation. I was in tons of condo showrooms in October and they were all empty - EMPTY. This indicates to me that the people buying are buying high multiples of units, sight unseen, from elsewhere - not Toronto. If I had to guess, I'd also say that we're looking at around 80% investor driven sales - and these types of investors and bulk buyers seem to be the last to know. It's not a good sign - it's a bad one.
These investors are putting large downpayments are getting qualified for a mortgage + google searches to ensure they are not realtors.
I haven't yet talked to a bubble theorist who has any depth on why we are in a bubble....or dropping 25% over the next 5 years.
It's going to be fun reading all the fodder bubble theorists as YOY numbers will show declines from the crazy numbers from last year. Expect prices and sales to show declines from now until possibly spring...but if you are waiting for a bungalow to fall to 2003 prices good luck.