CN Tower
Banned
This exact moment of collective condo zeitgeist is precisely why I've suggested people avoid buying condos in dead zones like across from the Eaton Centre and instead focus on established neighborhood nodes where street life is vibrant, amenities are diverse and transportation is near. Frankly the whole Richmond, Adelaide, Blue Jay Way, Peter, thing makes no sense to me either. It's only 1/2 step away from building on spec as end users are not choosing these locations for the most part. As much as I advocate for and enjoy seeing gentrification occcur, I prefer the Queen West/Ossington model of artisan outpost luring curious first time buyers to an emerging spot than this block busting invasion of bland towers known to be filled primary with transient residents.
I also find the characterizarion of developers as greedy to be entirely misplaced. Developers take all the risk and in the purest sense are operating businesses. Think of them as an assembling line factory churning out widgets as condos.
Investors are gamblers for the most part and there's nothing wrong with acknowledging that obvious fact. I'm referring to those counting on turning around their gamblers for a profit as opposed to the newer breed of safe haven buyers that we've seen in the market in 2010 and 2011. The investor buyers may feed the factory perhaps but they generally don't add any real value in the chain of production.
Ultimately the role of developers is to fill the void of housing demand in the marketplace. In a slower market investors might flee but real end user demand will ultimately find its level, particularly in a growing market like the GTA. It might take a while though to absorb all the unsold inventory in the pipeline.
I also find the characterizarion of developers as greedy to be entirely misplaced. Developers take all the risk and in the purest sense are operating businesses. Think of them as an assembling line factory churning out widgets as condos.
Investors are gamblers for the most part and there's nothing wrong with acknowledging that obvious fact. I'm referring to those counting on turning around their gamblers for a profit as opposed to the newer breed of safe haven buyers that we've seen in the market in 2010 and 2011. The investor buyers may feed the factory perhaps but they generally don't add any real value in the chain of production.
Ultimately the role of developers is to fill the void of housing demand in the marketplace. In a slower market investors might flee but real end user demand will ultimately find its level, particularly in a growing market like the GTA. It might take a while though to absorb all the unsold inventory in the pipeline.
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