cdr108
Senior Member
All it would take for that 20 000 number to come down (and it drastically needs to) is for several large projects to be cancelled, put those buyers back into the market (assuming only 50% of those would want to purchase at this time) and the inventory could very quickly be cut in half. That would be a best case scenario for Toronto I think.
True, I totally agree with you. The question though is how many large projects are there that could be cancelled?
I surmise (sp) anything that has come to market since mid-2008 and has not reached critical mass of 60% sales based on gross SF, and not # of units will hopefully be canned.
That will benefit all those who purchased and the RE market in TO to minimize the oversupply.
If we estimate 9 units per floor, then a 25s building (assuming 1s is used for lobby and amenities) has 216 units = (9 * 24); 45s building = 394 units.
If we average 300 units / building, then cancelling 15 to 20 projects would hopefully make a big difference.
In the thread for Fashion House, I was suggesting that Freed should shelve that project and get his clients into the remaining units he still had. Even after doing all of that, he would still have 25% of a building for sale.