cdr108 said:
he actually said $100-200K.

THAT'S a huge range and i can guarantee you the majority of 30 year-old couples do not earn anywhere near $200K unless they are professionals like doctors and lawyers.
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Most GTA couples I know in their 30s earn around 120-180, with most being around the 150 range. These are just people with mid-level, non-management jobs at banks, government, etc. I know when you look at the broader population the numbers are much lower, but there are a lot of these couple out there. Also, you don't see as many couples these days where one partner earns a huge salary and the other works retail or whatever. You tend to have couples that are either both very high earners (the 1 percenters), both decent to high earners (like those mentioned above) or both low earners. I know this is anecdotal, but I think this factor really throws off average and median household income numbers.
 
canarob said:
Most GTA couples I know in their 30s earn around 120-180, with most being around the 150 range.
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Where do you meet your friends? Most people I know do not make 75K a year and some of these people are in management, working in financial institutions, government, etc...
 
Since I was the initial comment... I should probably do some digging.

The median income in the Greater Toronto Area (by household is 69k in 2010)
http://www.statcan.gc.ca/tables-tableaux/sum-som/l01/cst01/famil107a-eng.htm

I'd argue that median income in downtown Toronto is higher - I'd say the average 30 year-old couple makes 150k (I'm looking at my friend set - most of whom are professionals), and still the economics of the condo market don't make sense to non investors. According to city facts here around 15% of households downtown earn above 150k: http://www.toronto.ca/planning/pdf/living_downtown_nov1.pdf

As for Caltrane's comment: 2 to 3 years of hard saving should get them to 50 to 80k in savings no sweat. More than enough for a down-payment on a condo.

If you make 90k a year... you take home approx 65k. Saving 20k a year off of that net is impossible. That gives you 45k a year on food, living etc... (EXCLUDING any student debt). Average downtown rent is probably 1500 a month...

Some of this is anecdotal - sure - and we can argue whether average household income is closer 100k or 150k... my argument still stands.
 
what we are also not considering is that this is maxing out peoples money for a starter property. It is very likely they will need to upgrade to a bigger unit or a house some time in the future. If you have a 30 yr mortgage you arent paying enough off to save for the next property. Especially if you are starting out at 30. When are you going to have kids? 40s?
 
pw20 said:
Since I was the initial comment... I should probably do some digging.

The median income in the Greater Toronto Area (by household is 69k in 2010)
http://www.statcan.gc.ca/tables-tableaux/sum-som/l01/cst01/famil107a-eng.htm

I'd argue that median income in downtown Toronto is higher - I'd say the average 30 year-old couple makes 150k (I'm looking at my friend set - most of whom are professionals), and still the economics of the condo market don't make sense to non investors. According to city facts here around 15% of households downtown earn above 150k: http://www.toronto.ca/planning/pdf/living_downtown_nov1.pdf

As for Caltrane's comment: 2 to 3 years of hard saving should get them to 50 to 80k in savings no sweat. More than enough for a down-payment on a condo.

If you make 90k a year... you take home approx 65k. Saving 20k a year off of that net is impossible. That gives you 45k a year on food, living etc... (EXCLUDING any student debt). Average downtown rent is probably 1500 a month...

Some of this is anecdotal - sure - and we can argue whether average household income is closer 100k or 150k... my argument still stands.
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I obviously travel in the wrong circles! lol!

Outside of the office, I only have one friend that makes over 100k and he lives in Barrie, but works his own business in Toronto, my relatives that make over 100k, don't live in Toronto they live in Ancaster, Oakville and Waterloo.

My best friend makes 70k working for a telecommunications and internet provider, and he almost manages to save everything he makes, he lives in Scarborough.
 
I know someone mentioned it was due to poor sales that this is on hold. I can assure u this is not the reason it's on Hold. I'm not at liberty to say why it is on hold but sales had nothing to do with it. I don't work at great gulf or for any other parties involved. Sorry but that's all I can say at this point.
 
I heard from brokers directly related to the project that sales were not up to expectations. Most of the units in the building do not have balconies, and a good portion of them are small studios which hurt sales.
I'm speculating that Tux will be back on the market later this year or early next year when the market catches up with a slight redesign to the tower and unit plans. Great Gulf is already having a hard time trying to sell Monde, which I think they will be moving their efforts towards before resuming sales and marketing for Tux.
 
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Gg wants two 42 storey towers on plots they own here is what ive heard, not just one. There are other property owners involved here as well. I should have said sales are not the main reason, I have no idea if sales were an issue, I'm just saying there were other larger issues here as well.
 
My understanding, from the community meeting when the projects were presented - two buildings were being planned, one on either side of the red brick building. The building on the south-west corner of King Street and Blue Jays Way emerged as the Tux. Further west, immediately to the east of M5V, where the narrow empty area is, and beside it, the white building, were to become the second tower. Again, if I recall correctly, the Tux site was to have a parking, using an automated garage system, while the building being proposed beside M5V was to have no residents' parking. The problem was that the owner of the building in between was not willing to sell / sell at a price the developers would accept.
 
AHK said:
My understanding, from the community meeting when the projects were presented - two buildings were being planned, one on either side of the red brick building. The building on the south-west corner of King Street and Blue Jays Way emerged as the Tux. Further west, immediately to the east of M5V, where the narrow empty area is, and beside it, the white building, were to become the second tower. Again, if I recall correctly, the Tux site was to have a parking, using an automated garage system, while the building being proposed beside M5V was to have no residents' parking. The problem was that the owner of the building in between was not willing to sell / sell at a price the developers would accept.
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Ya the talks are ongoing from what I understand but not complete. But yes I guess since its public info I can say that that is the main issue as I understand it. Perhaps also the sales were a problem, but also possible that they really just want to launch both towers when it's all sorted.
 
mckarisma said:
I know someone mentioned it was due to poor sales that this is on hold. I can assure u this is not the reason it's on Hold. I'm not at liberty to say why it is on hold but sales had nothing to do with it. I don't work at great gulf or for any other parties involved. Sorry but that's all I can say at this point.
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this is patently false. see WeirdFishes' comment in post #164 for clarification.
 
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