BACK TO THE TORONTO CONDO MARKET

Back home in Toronto and into the market real estate again. First week back and the office is crawling with buyers and agents. Two listings to deal with - one with 7 offers and the other with 12! People are standing everywhere, as they wait their turn to present. Shades of the house market - but this is condos! One of our listings at $345,000 went for $383,5000. That worked out to just over $500 per sq.ft. for a one bedroom! Yes it had a waterview but it was an older building and the unit needed some renovations too!

Moving to a new project - the Shang- gri La Condos and Hotel. Located at Adelaide and University, it was brought to market by a Vancouver developer who thought our prices were too low! He offered his units at $800-1,000 per square foot, and after 60 days of pre-sales he reported 202 sales out of 350 units available. Most of these are bigger units, so we are talking about sales over one million dollars. These are not the type of units that investors buy! So who are the buyers? And where do they get this type of money?

While downtown Toronto is the most active condo market outside of Manhattan, it has never been in the big leagues so far as prices are concerned, But what are we to make of these prices over the last month?

Stay tuned!

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