Toronto 88 Scott Street | 203.9m | 58s | Concert | P + S / IBI

yyzer

yyzer

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Thanks to Automation Gallery for the alert, originally posted by urbandreamer at SSP....

40 SCOTT ST

OPA / Rezoning 11 190645 STE 28 OZ Ward 28
- Tor & E.York May 9, 2011 --- --- --- ---

Proposal for a 58 storey residential tower containing 513 units on a 5 storey podium, 48,605 square metres in area, 734 square metres foe retail based uses.
 
I dig the fact that there's so many big condos being proposed, but the flood of units is starting to worry me. The ratio of investor-bought units is already rising rapidly. Anyone else share these concerns? (And no, I wasn't just reading Greater Fool!)
 
Therion said:
I dig the fact that there's so many big condos being proposed, but the flood of units is starting to worry me. The ratio of investor-bought units is already rising rapidly. Anyone else share these concerns? (And no, I wasn't just reading Greater Fool!)
Click to expand...

Let the investors get washed out. It will eventually result in much cheaper real estate all over downtown, making all these condos even more accessible to the average Torontonian. The values may go down, but all the aditional housing is here to stay.
 
Wow, it's hard to tell on Google Maps exactly which building this proposal is going to replace, but it's a pretty prime location. 5-6 years ago when this boom started, 49 and 58 storeys would be huge news. It's almost become expected and typical news now, hearing about proposals of this height coming out every other week or so. The next generation of developments to hit the market is loaded.
 
Therion said:
I dig the fact that there's so many big condos being proposed, but the flood of units is starting to worry me. The ratio of investor-bought units is already rising rapidly. Anyone else share these concerns? (And no, I wasn't just reading Greater Fool!)
Click to expand...

The influx of condos will singlehandedly destroy the real estate market in Toronto. Developers are racing at a rapid rate to get in on the action.
 
Ramako said:
Let the investors get washed out. It will eventually result in much cheaper real estate all over downtown, making all these condos even more accessible to the average Torontonian. The values may go down, but all the aditional housing is here to stay.
Click to expand...

This is pretty much how I feel about it. This new flood is just way too much to be sustained in the short term but it will really help bring the cost down for when I'm ready to buy. (it also benefits renters in this city to keep paying reasonable rates since a lot of condo units are rented out)
 
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I have been wondering what would happen, since a crash is not inevitable but based solely on the decisions of developers. I can't believe that this shortly after the crash in the US they would go on such a frenzy. Last year the numbers were sustainable, but the latest UrbaNation numbers from yesterday were devastating, showing an influx of units right now (seems to be worse outside the City of Toronto in the GTA than in the core). Really, if the numbers were to be tempered by a few thousand units, balance could be restored, but the rush will lead to a crash a la the 80s and to a lesser extent the '90s, which was also noted by a TD economist on BNN yesterday - she said it wasn't a bubble but that the numbers indicated a similarity of behaviour to the 80s and 90s. So, look out ahead if the developers don't see reason.
 
Ramako said:
Let the investors get washed out. It will eventually result in much cheaper real estate all over downtown, making all these condos even more accessible to the average Torontonian. The values may go down, but all the aditional housing is here to stay.
Click to expand...

when prices fall all homeowners are affected, because homeowners are 'invested' too.
 
yyzer said:
Thanks to Automation Gallery for the alert, originally posted by urbandreamer at SSP....

40 SCOTT ST

OPA / Rezoning 11 190645 STE 28 OZ Ward 28
- Tor & E.York May 9, 2011 --- --- --- ---

Proposal for a 58 storey residential tower containing 513 units on a 5 storey podium, 48,605 square metres in area, 734 square metres foe retail based uses.
Click to expand...

Travis said:
Wow, it's hard to tell on Google Maps exactly which building this proposal is going to replace.
Click to expand...



Yah, no kidding, if i have the address right, there is already a substantialk 6 or 7 story building on this site.
 
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Royal and Sun Alliance is abandoning the building for Southcore. I rather not see the building replaced with residential and 58 storeys will be a tough sell so close to Old York
 
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