What is going on in Canada, the condo market is sizzling hot! Here in the States we are watching condo projects hit the auction block because they won't sell. In Canada they are lining up in the cold to get their paws on fresh new condo projects.
We saw it in Vancouver and now we are seeing it in Toronto at
1 Bloor St. East, a $450 million 80-story slice of a skyscraper we
first talked about in April. Back then various analysts were expressing fears that the condos might be too ritzy for Toronto. It doesn't seem like that will be a problem as
people are camping out for a whole week just to get their first pick of the condos. Real estate agents have recruited hardy souls to hold their places in line because each person is able to secure three condos. The luxury suites start at $300,000 and run up to $18 million for the penthouse suite.
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Reader Comments (Page 1 of 1)
Will Ashworth Nov 9th 2007 10:00AM
Real estate people will say that these prices are a bargain compared to other big cities like New York and LA. Maybe so. At the end of the day, why would anyone pay $750 a square foot for an apartment the size of a small hotel room.
I wouldn't wait in line to get into a club, why would I do the same to buy a condo? It would be different if I was offered 1000 square feet at $375,000 in downtown Toronto.
Conspicuous consumtion lives on.
evokid Nov 12th 2007 6:23PM
Well.. people were telling me it was ridiculous to pay $700 per sq ft at the ritz carleton, which was a record breaker when it first went on sale, now they are reselling at $1200. Didn't have to wait in line for that one, guess the cats out the bag now, and theres a mad dash to get in the door before supply dwindles, becasue denand sure wont.
By the way, i'm in Australia now and people are paying 1300-1500 per sq ft over here... I think these people are nuts! Toronto is a bargain, snatch it up!