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Condo George said:
http://www.thestar.com/business/real_estate/2014/04/03/gta_house_prices_hit_new_record_in_march.html
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Holy crap. Average detached home price in the 416 is now about $900000. And even in the 905 it's almost $645000 now.

Another interesting thing is that the average Toronto condo now is over $384000, and that price is more than the average GTA price was overall (including detached homes) back when I bought in 2007.

Summary: http://www.torontorealestateboard.c...ket_updates/news2014/nr_market_watch_0314.htm
Details: http://www.torontorealestateboard.com/market_news/market_watch/2014/mw1403.pdf
 
do you have floorplans for this project (11 Wellesley) ?

even though YC sold well, I would never want to live there.
all the units were the size of dorm rooms and it will be nothing more than a glorified transitional student residence.


Condo George said:
I too was curious what CN would say Interested. I know he doesn't agree with my views in the past but wanted to come to him and get his opinion on this site. Yes I am promoting the site, I like the location and park setting, most likely will have ground floor retail etc and is not your traditional box in the sky. Interested...... parking is rarely offered to any unit lower in size than a one bedroom and den and in most cases you have to buy a two bedroom to get a parking spot. I too invest in the select sites I promote, this is why most people don't see me at ever site. Anyways, I am not sure what he thinks. Maybe he doesn't agree with me but rather would just be silent I suppose, just my guess....I know he is very well respected here and I respect his opinion this is why I asked.
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cdr108 said:
all the units were the size of dorm rooms and it will be nothing more than a glorified transitional student residence.
Click to expand...

Students need a place to live too. Growing enrolment numbers at both U of T and Ryerson mean more students living downtown.
 
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I am amazed to hear how fast these new projects sell.

If only we had publicly available data about who is buying these properties, then we would better know the true health of the housing market. There was a piece in all the papers about a CIBC bank economist (Tal?) bemoaning the lack of public data, citing it as a major problem, calling on the new Bank of Canada governor and CMHC leadership to do something about it. How many people are buying these units to live in vs. investment? How many of these buyers are foreign? Must we rely only on speculation and anecdotes, often from vested parties? Housing is too important to our economy not to have better public information. It is a failure of government to not collect and distribute transparent information. The cynic in me suspects that those who benefit from this information asymmetry have the politicians in their pocket.
 
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CN Tower said:
You are advised to not believe everything you hear. Believe only what you know to be the truth.
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From todays Star:



Condo developers start 2014 with record number of launches.

Downtown sees biggest demand remains for units.


By: Susan Pigg Business Reporter, Published on Wed Apr 09 2014

Developers are so optimistic that confidence has returned to the condo market, they’ve launched sales of a record number of new units — more than 2,700 — in January and February alone.
And more are planned, with new project launches scheduled unusually late, into May, as builders see a surge of pent-up demand after the downturn of the last two years, especially for condos close to the Toronto core.


Those 2,721 new units are in eight projects, according to figures from research firm RealNet Canada, which will release March launch numbers later this month. That exceeds the 2,394 units in nine projects launched in January and February of 2011, the record year for condo sales.


The total is also up significantly from the 1,261 unit sales launched in the first two months of 2012, and the 1,873 units that went to market in the same period of 2013. That’s when fears of a condo crash led to a dramatic slump in sales and flagging investor interest.


“People have been waiting two years on the sidelines, anticipating that something is going to go wrong, but the market isn’t slowing,†says Riz Dhanji, vice president of sales and marketing at Canderel Residential.


It recently launched sales of its new, 600-unit YC Condos project at Yonge and College Sts. to “incredible†interest, especially for bigger units starting at 1,000 square feet as alternatives to pricey houses, says Dhanji.


“It’s really just an indicator of what a great place we live in and the factors that are driving the condominium industry in this city,†says Andrew Hoffman, president of CentreCourt Developments.


CentreCourt launched sales for its newest project, the 220-unit Core at Shuter and Church Sts., in January and sold out within a month.


“The most successful launches have been in close proximity to the subway and the downtown,†says Hoffman. “This year is going to be, to some degree, a makeup for what wasn’t launched in 2013.â€Developers have learned their lessons from the downturn, says George Carras, president of market research firm RealNet Canada: Layout and design have become more important than ever, especially as suite sizes continue to shrink.


They now average about 784 square feet in new launches. That’s some 120 square feet — the equivalent of a bedroom — less than units that sold just five years ago, according to RealNet.


Pricing remains highly competitive and many new launches so far in 2014 have been priced below neighbouring new condo projects still actively marketing unsold units, said Carras.


The index price per square foot of a new condo was $559 in February, up just slightly from $539 a year ago. (The index price factors out high-end condos that can skew average prices.)
“The development community, as a whole, recognizes that the condo market is normalizing and we’re seeing new projects coming down in size from the mega projects†that have overtaken the market the last few years, says development consultant Barry Lyon.


“The new sweet spot in the GTA seems to be projects under 300 units. They tend to sell quicker and attract more end users†than investors who plan to rent the units out.
There is no doubt that the condo market remains investor driver, and that’s likely to continue as long as rental vacancy rates, now at about 1.7 per cent, remain below 3 per cent, making it easy to find tenants, says Lyon.


“The big story this year is that we are certainly in a buyers’ market. It will be the year of the incentives†as developers with projects already in the works try to clear a record inventory of 23,327 unsold units.


Some 13,212 of those unsold units have yet to be started, another 8,824 are under construction and just 1,291 are actually built, according to RealNet.


Already some “interesting shifts†are playing out in the condo market, says Lyon. More midrise buildings and stacked townhouses are in the works, in an effort to cater to condo dwellers looking to start families but stay in the city. There are also more two bedroom units.


The numbers alone tell the story of Toronto’s dramatic shift skyward, largely just over the last decade, in the wake of Ontario’s intensification policies, he added. As of October, there were 305,241 condos across the GTA. A further 250,000 are in the planning stages. Some 60,000 are under construction.


“It’s a healthy sign that the market hasn’t gone south, but basically what you’re seeing now is developers trying to catch the last of the big wave,†says Lyon.


Launches are likely to ease as the year progresses, he notes. He’s anticipating about 70 to 80 new projects for 2014, down from 101 in 2013.
 
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