It's a "very unusual year," a real estate developer's group says.
One in five Vancouver condo units planned for development has been abandoned.
It's not impossible.
Is it any wonder buyers want to sit this one out?
The condo craze has outlasted the single-family home craze, but it too may be on its last legs.
I'll admit it, several years ago I had a very poor opinion of the CityPlace neighbourhood in Toronto. Back then, this neighbourhood of tall condo buildings built around Fort York Blvd and Spadina Ave was a huge construction site. It was dirty, the buildings were all under a constant state of repair, and there were no amenities nearby. Then in 2013, when Fort York Blvd opened through Bathurst St, things began to change.
As an analytical realtor who focuses heavily on market-based statistics, I've started to understand the growing shift towards pre-construction condos. Millennials now pretty much don't have any shot at purchasing a house with the current appreciation in the market, despite the government's efforts to slow things down. Even purchasing condos may be a stretch for some. Getting into pre-construction condos however, is the golden ticket.
From its amenities to its backstory.
We've all seen news headlines over the last few years describing properties that sell for "$400,000 above asking!" These
And Toronto, in particular, was singled out for concern.
"This particular deal was difficult."
Recently I have had the pleasure to start working from the comfort of my home and while working in an office environment can be thrilling and stimulating, being able to stay in your pajamas and sweatpants with ketchup stains on them is much more exciting. However, creating a home office space in a small condo is no small task. Here's what the experience has taught me.
A bidding war is when the seller will list their house at an artificially reduced price, show buyers the house over a period of about a week, and then have an offer date where all interested buyers present their offers. The expectation is that they will sell for well over the asking price, and have multiple buyers bidding against each other.
Bjarke Ingels' architecture has a track record of winning awards.
BuzzBuzzHome: Strollers aren’t just a common site in the suburbs where single-family houses abound. A growing amount of Toronto
New York City now has more multi-family units under construction than any city in North America, bringing Toronto’s reign
Luminous and slick house in affluent Willowdale Most of the rooms, even the walk-in closet, benefit from luminous skylights
This is what the price gap between new homes and condos looks like in Toronto right now. That's right: it's a big, yawning
When I mentioned to my New York real estate broker that I had relocated from Toronto he had one thing to say about the Big Smoke: "I've never seen so much construction in one place." Statistically, he's right. Few cities in North America rival the sheer amount of high-rises that are currently under construction in Toronto.
Many families are deciding to raise their children in the city instead of moving to the suburbs. Toronto is a safe and vibrant city, and with house prices both in the city and in the suburbs unrealistic for many parents, condos are an attractive alternative. Right now, a typical semi-detached home in a desirable neighbourhood can sell for around $1 million.