caltrane74
Senior Member
Arn't those horses what Kazak Warriors ride into battle on?
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TrickyRicky
Senior Member
"That said, I am hearing that the banks are tightening up on lending criteria a bit, including fewer people getting "below posted" rates, which may be a sort of rate increase in disguise. How long that might last, I'm not sure."
Astute observation. Note that banks raised posted mortgage rates in the absence of any increase in the BoC interest rate. The spread between "below post" rates and posted bank rates has also narrowed and lenders are discontinuing a number of mortgage finance options.
I enjoy watching this 1 Bloor East saga. We need a poster child of excess signaling the end of this long and successful real estate boom and my nomination was Trump but 1Be might take the cake.
Astute observation. Note that banks raised posted mortgage rates in the absence of any increase in the BoC interest rate. The spread between "below post" rates and posted bank rates has also narrowed and lenders are discontinuing a number of mortgage finance options.
I enjoy watching this 1 Bloor East saga. We need a poster child of excess signaling the end of this long and successful real estate boom and my nomination was Trump but 1Be might take the cake.
dt_toronto_geek
Superstar
I linked onto something yesterday (that I can't find now) which described the rooftop terrace as something like "an urban/suburban oasis". What a scream!
This is indeed fun to watch and unfold. I'm not convinced that once the excitement dies down that they are going to sell what they need to build this project. But I hope I am proven wrong.
allabootmatt
Senior Member
Indeed. It does have a bit of a fin-de-siecle feel, hasn't it? What with the slightly dubious Central Asian developer, bait-and-switch pricing, and what will probably be a ludicrously fast sell-out. This is one for the ages indeed.
That said, folks have been saying the end was nigh for a few years now. I think this boom may have a few more surprises yet, on top of the already huge backlog of projects in sales.
3Dementia
Senior Member
Wait until you see Borat 2 (downtown). Then this slippery slope may be perceived as a very long slope. But old habits/worries die hard.
3Dementia
Senior Member
Sorry... I forgot to post my favourite reference from fine literature.
"I'm not dead yet".
1979 - MP's L of B.
"I'm not dead yet".
1979 - MP's L of B.
lordmandeep
Banned
our family real estate guy who is a close family friend came over this weekend and talked about how he tried to buy a unit in this building but said things were getting to far out of control...
asiancolossus
Active Member
I heard only 35 to 50 realtors actually were able to buy a condo out of how many hundreds in line. Is this true? Does that mean a lot of people gave up because of the last minute price increase or that it was just too disorganized to get a sales agent? If people gave up, then they made a HUGE mistake in jumping the gun and raising the prices so soon.
By the way, for those who don't have the floor plans, I found this site on line with PDF files of the floor plans. Unfortunately the updated prices are not available. The largest looks like it is 2580 square feet. I must admit, they do look like nice units:
http://www.blooryorkvillecondos.com/1bloorfloorplans
By the way, for those who don't have the floor plans, I found this site on line with PDF files of the floor plans. Unfortunately the updated prices are not available. The largest looks like it is 2580 square feet. I must admit, they do look like nice units:
http://www.blooryorkvillecondos.com/1bloorfloorplans
lordmandeep
Banned
maybe they are doing a very clever form of price discrimination...
IMO 300k for Yonge/Bloor was a decent price.
IMO 300k for Yonge/Bloor was a decent price.
Canuck
Active Member
All this frenzy around 1 Bloor is really making me agree with those who are expecting a bubble to burst.
asiancolossus
Active Member
I'd agree with you Canuck but it seems that I've been hearing bubble for the past 5 to 10 years, since the crash in the early 90s. I was hoping to get into the market 5 years ago and have been holding off because of this putative bubble while others have watched their homes increase 50% or more during this time. Its been disheartening to say the least.
yyzer
Senior Member
asiancolossus, I don't think you have to rush into anything right now...I am not saying the sky is about to fall, but there are some risks in the market now......
regarding 1 Bloor - I would like to know how they managed to create such a buzz....marketing genius, or accident?....but I believe their last minute price increase could really backfire...it's a one-way move, they can't reduce their lowest price from $500,000 back down to $300,000, if the sales don't come through...after quoting agents a set of prices, from which the agents commited to the 1 week line-up....and then, boosting the prices by an incredible amount on the day of opening, is really bad relations with the real estate agency community....I would think that Baker R.E., who are well respected, must have only gone along with this with great reluctance.....
What a cynical and greedy developer. C'mon vultur, where are your comments on this latest circus?
regarding 1 Bloor - I would like to know how they managed to create such a buzz....marketing genius, or accident?....but I believe their last minute price increase could really backfire...it's a one-way move, they can't reduce their lowest price from $500,000 back down to $300,000, if the sales don't come through...after quoting agents a set of prices, from which the agents commited to the 1 week line-up....and then, boosting the prices by an incredible amount on the day of opening, is really bad relations with the real estate agency community....I would think that Baker R.E., who are well respected, must have only gone along with this with great reluctance.....
What a cynical and greedy developer. C'mon vultur, where are your comments on this latest circus?
DTGeek
Active Member
Trying to time the market is not a good idea. The market has risen in something like 80% of the past 30 years, so if that's an accurate probability then you should be at least 80% sure the market is going to go down if you are going to postpone buying. And I doubt anyone can predict much better than 50% over the long run.
Look at the charts for Canadian cities and tell me which market looks like a bubble right now. Certainly not the one that's been going up a modest ~6% per year the past three years.
http://www.canadian-housing-price-charts.235.ca/canadian_housing_price_chart.htm
In fact if you fit a line to Toronto's real estate prices for the past 30 years, the current levels are just about right on target. That doesn't mean there won't be a dip, but counting on one is IMHO foolish. Even the huge decline of the early 90s was erased within 10 years.
Look at the charts for Canadian cities and tell me which market looks like a bubble right now. Certainly not the one that's been going up a modest ~6% per year the past three years.
http://www.canadian-housing-price-charts.235.ca/canadian_housing_price_chart.htm
In fact if you fit a line to Toronto's real estate prices for the past 30 years, the current levels are just about right on target. That doesn't mean there won't be a dip, but counting on one is IMHO foolish. Even the huge decline of the early 90s was erased within 10 years.
10 years is a long time for speculators which is what I think many of these people are.
Jayomatic
Active Member
What a waste of money. There's no way if i was buying a condo right now, i'd spend 500k on 540 sq ft of living space. For that kinda money, a better investment would be to purchase a nice 2 bdrm unit at the hudson or something in the area. Seriously, in 4 years from now, can anyone here seriously say that a 540sq ft condo will be going for 600k? It seems like thats what most of these agents are thinking.
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