BACK TO THE TORONTO CONDO MARKET
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?