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The Condo Observer

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Guys, regardless of our opinions on individual projects, let's all take stock for a moment and acknowlege that these are exciting times for us as observers and participants in the toronto condo market.

What we are witnessing is the city evolving before our eyes, car parks that left awful gaps in our streets are getting filled in, people are returning to the city to live, and with that comes a new energy and vibe.

It is easy to take for granted as we live it every day, but Toronto is coming into its own. Its really only the beginning....Let's hope the bottom does not fall out of the economy, and the cash keeps rolling into this city....
 
Might be harder to read, but formatting on here ain't easy. This is just some of the project over the last few years, but it shows just how much is going on and how much more we have to look forward to.

1 Bloor 953 78 2012 Proposed
Trump International Hotel 925 60 2010 Under Construction
Aura at College Park 797 75 2010 Proposed
Bay-Adelaide Centre West 715 51 2009 Under Construction
Signature Tower 714 69 2012 Proposed
Ice Condominiums I 709 65 2011 Proposed
Shangri-la Hotel and Tower 704 65 2011 Under Construction
Ritz Carlton Hotel & Residences 684 53 2009 Under Construction
Four Seasons Hotel Tower I 672 55 2010 Under Construction
L Tower 672 57 2010 Proposed
Bay-Adelaide Centre East 643 45 2010 Proposed
MLSE South Tower 610 54 2010 Under Construction
Ice Condominiums II 609 55 2011 Proposed
U Condominiums I 604 55 2011 Proposed
RBC Centre 600 42 2009 Under Construction
Richmond Adelaide Centre II 600 48 2010 Proposed
335 King Street West 581 48 2012 Proposed
1 King West 578 51 2005 Built
151 Front Street West 576 36 2010 Proposed
MLSE North Tower 571 50 2010 Under Construction
Hullmark Centre 538 45 2010 Proposed
Bay-Adelaide Centre North 532 49 2011 Proposed
Quantum 2 525 52 2008 Under Construction
Two City Hall 522 50 2011 Proposed
Burano 518 48 2010 Under Construction
The Uptown Residences 518 48 2009 Under Construction
Three Pinnacle Centre 516 50 2008 Under Construction
16 York Street Tower III 515 31 2011 Proposed
Festival Tower 514 42 2009 Under Construction
300 Front Street 512 52 2011 Proposed
College Park Tower I 507 51 2006 Built
U Condominiums II 505 45 2011 Proposed
Harbour View Estates Phase 2 503 49 2005 Built
Star Tower 498 44 2011 Proposed
100 John Street 482 42 2012 Proposed
West ONE 476 49 2007 Built
Spire 476 45 2007 Built
67 St Nicholas Street 472 44 2012 Proposed
Murano South Tower 459 43 2008 Under Construction
College Park Tower II 458 46 2007 Built
Pantages Tower 458 46 2003 Built
21 Widmer Street 453 44 2012 Proposed
Casa Condominiums 453 45 2009 Under Construction
Montage 449 47 2008 Under Construction
580 Jarvis 449 45 2012 Proposed
X Condominium 448 41 2009 Under Construction
Union Tower 446 30 2009 Under Construction
Clear Spirit Condominiums I 446 40 2010 Proposed
Four Pinnacle Centre 443 45 2009 Under Construction
70 Colborne Street 431 39 2011 Proposed
The Met 431 43 2007 Built
Couture (Bloor Walk II) 427 44 2010 Proposed
Empire Tower 427 28 2005 Built
Hospital for Sick Children Tower 424 24 2012 Proposed
Verve 422 39 2008 Under Construction
199 Richmond Street West 417 39 2012 Proposed
306 Richmond Street West 416 35 2012 Proposed
60 John Street 415 38 2011 Proposed
N 415 42 2007 Built
Luna Vista 413 38 2008 Under Construction
Gibson Sqaure I 410 45 2010 Proposed
Gibson Sqaure II 410 45 2010 Proposed
One Pinnacle Centre 407 40 2006 Built
27 Heath Street East I 406 37 2012 Proposed
Harbour View Estates Phase 1 402 40 2005 Built
The Gooderham 400 35 2011 Proposed
 
Ed007Toronto said:
What's really amazing is that just a few years back we had just 12 towers above 500 feet. Currently we some 14 underway with a whole bunch more coming.
Click to expand...

Realistically, what are the odds of any new projects getting underway anytime soon, given the current state of capital markets? Are developers interested in exposing themselves to the kind of volatility that's getting splashed on the front pages of the papers every day?

It's a been a fun ride so far, but it's hard not to expect this boom to come screeching to a halt, at least for the immediate future.
 
I was surprised to learn that the Chicago Spire, one high-profile project in the States that's rumoured to be delayed due to financing issues, had started construction with 30% sold.

As far as I know, that never happens here, with most projects being three-quarters pre-sold before shovels hit the ground, with developers requiring significant deposits from buyers as well as mortgage pre-approvals.

That's pretty low-risk for financiers. I would think that if financing fell through for a project like that due to a bankruptcy, another financier would step up and take over fairly promptly.
 
I am not convinced that Canadian banks are in real trouble, in fact this might be a huge opportunity for them.

Given the tight regulations that they have been working under, they might well be considered rather attractive safe havens by the international financial community. I would not be surprised to see a lot of money being deposited into them, from other countries that are at higher risk.
 
I was surprised to learn that the Chicago Spire, one high-profile project in the States that's rumoured to be delayed due to financing issues, had started construction with 30% sold.
Click to expand...

The developer went out of pocket. IMO, it was the only way this project would ever get off the ground. Nothing builds buyer confidence like a dozen 300 foot cranes busy at work.

Quite a few Toronto projects started on spec as well
 
Mongo said:
I am not convinced that Canadian banks are in real trouble, in fact this might be a huge opportunity for them.

Given the tight regulations that they have been working under, they might well be considered rather attractive safe havens by the international financial community. I would not be surprised to see a lot of money being deposited into them, from other countries that are at higher risk.
Click to expand...

Canadian banks are now considered amongst the most stable in the world and it would make total sense for them to jump in and finance these condo projects in their own backyard. The only way I can see them backing off, is if they believe the Canadian economy is going to tank and a lot of people will walk away from their deposits. To get back to the original reason for this thread, yes Condo Observer, these are indeed very exciting times.
 
The Cdn Banks are in no trouble. In fact they are now in a position of relative strength as they (more through luck and a ballessness than intellegence) have avoided most of the problems. But the fact is that the crux of the current financial services crisis stems from financing real estate projects without sufficient cash flows to support them (subprime). Asset values are falling and excess cash (credit) is more scarce. All real estate projects are likely to get painted with the same brush to some degree and therefore financiers are going to raise the risk premium on these projects and some will get delayed or cancelled. May be a few may be a bit more - hard to say. That said - the financial markets are exceedingly complex and interconnected - and so know one really knows what might happen next and who you can trust and at some level, anything can happen.
 
This would be the perfect time for the Canadian banks to get into the US Market. - It's a fire sale down there....

Wachovia got sold to Citigroup for less than 10 billion dollars. - (probably only the value of the deposits/ or the outstanding assets)

As for financing of the Toronto projects, I don't see anything that would cause me to worry about the big projects. The sales have been exceeding expectations and the market here never got so overstated like say in florida...
 
Wasn't there talk a few days ago of Manulife possibly buying a very large U.S. financial institution at firesale prices?
 
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