UtakataNoAnnex
Senior Member
I suspect it will be...as long as the creditors don't lose patience.
Toronto The One | 328.4m | 91s | Mizrahi Developments | Foster + Partners
- Thread starter urbandreamer
- Start date
fanoftoronto
Active Member
With condo prices increasing even with COVID-19 putting people out of jobs, I think it'll take a lot to stop this project from progressing.
Benito
Senior Member
Today.
Tunafish13
Active Member
They must have some knowledge on when the above grade permits will be granted, because those forms are looking real close to complete and ready for concrete pours...
AdamS
Active Member
Condo prices are not increasing they are decreasing. Downtown you can rent units that 12 months ago were $2300 per month for $1800 now.
The investor/speculators that recently bought in are now under water. Much of this is attributed to Airbnb although other factors such as quality of lifestyle, lack of foreign students/investors are fueling a collapse.
The decrease in demand causes excess supply. Excess supply pushes prices down.
thaivic
Active Member
They might be waiting to have permit on hand before they pour, we have done site prep work while waiting for permits to be issued, inspectors have allowed us to do that but not the actual concrete pour.
got it right
Active Member
You ain't seen nothing yet...just wait.
Kenojuak
Active Member
Yeah maybe. Maybe not. Here is Mizrahi's update from.........January 2020 about above grade permits.
kali
Active Member
That's rent. Resale units continue to rise iirc
From three weeks ago:
/https://www.thestar.com/content/dam/thestar/business/2020/07/07/toronto-real-estate-board-says-home-prices-could-still-meet-2020-forecast-of-10-gain/for_sale.jpg)
Despite the pandemic, Toronto house prices soar to an all-time new high in June
The average price of a home in the region hit $931,000 in June, a 2020 high that surpassed the April 2017 market peak of $920,791.
"In February, the real estate board was forecasting a 10 per cent price gain with the average price of a re-sale home — including all re-sale condos, detached, semi-detached and townhouses — reaching $930,000 by year’s end."
"Condos saw less dramatic price growth of 9.1 per cent in the 905 areas to $528,000 on average and 5.6 per cent in Toronto, where they averaged about $672,000."
AdamS
Active Member
The speculators and investors are trying to avoid selling as they want to hang on.That's rent. Resale units continue to rise iirc
From three weeks ago:
Despite the pandemic, Toronto house prices soar to an all-time new high in June
The average price of a home in the region hit $931,000 in June, a 2020 high that surpassed the April 2017 market peak of $920,791.www.thestar.com
"In February, the real estate board was forecasting a 10 per cent price gain with the average price of a re-sale home — including all re-sale condos, detached, semi-detached and townhouses — reaching $930,000 by year’s end."
"Condos saw less dramatic price growth of 9.1 per cent in the 905 areas to $528,000 on average and 5.6 per cent in Toronto, where they averaged about $672,000."
If the price of the condo is dropping vis a vis rent, the value will need to be adjusted.
The current formula of putting 20% down with the renter covering mortgage/condo fees/taxes was already a cash-flow negative proposition pre-Covid (by about $500/month) but the argument was all about asset appreciation....
How would you like to own one of these and be dishing out $1K per month since your projected rent dropped by $500.
kali
Active Member
^Maybe but hasn't happened yet.
AdamS
Active Member
Just wait for the CERB to end along with mortgage, credit card, car payment deferrals.
It has the ingredients for a shitshow we have never seen.
AlvinofDiaspar
Moderator
That maybe, but it will have to be discussed at another thread.
MoD
MoD
Bjays92
Senior Member
Someone should tell sam that july 30 is rapidly approaching.
It's one thing to be a little behind about when above grade permits are going to be issued. It's another thing to be half a year behind. Even covid aside, there was still another 2 months before shutdowns stopped the issuing of permits and its been another while since permits were allowed again. There has to be something else at play here
travis3000
Active Member
I don't know anybody collecting CERB anymore , other than 19 year old students who don't contribute to the economy anyway. Like usual, people always predict the end and it never happens.
Anyways, I am actually really excited to see this tower go up. It's been moving along insanely slow so far. Hopefully we can see some momentum soon.