Inside Toronto's slumping condo market | The Big Story
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- čas přidán 24. 06. 2024
- There's a record number of Toronto condominiums on the market right now, and despite record immigration, and an ever-worsening housing crisis, nobody seems to want to buy them.
So how hard is it to offload a condo in one of North America's hottest property markets? What happened to all of the motivated buyers? And what does the trend say more broadly about the state of Canadian real estate?
GUEST: Diana Zlomislic, Housing reporter for The Toronto Star
Episode link: play.headliner.app/episode/21...
No citizen wants to live in a shoebox after 30.
No one under 30 can afford 500k for a shoe box.
No kids can buy a condo. No citizen wants to live in it.
Only ppl who bought these condos where mom n pop investsors.
Canadians need to breakup with being a landlords of single family units to build wealth. Its our own fault, and the grifters and money launderers took advantage of it.
Most of the condo units are small but they are ok for single person. 250-400 sqf is enough for a single person and there are lot of people are single. If the price is between $250k-$350k including a parking spot then people would buy it. However, the current price is way way higher than that.
@peterbanh1364 only way that happens is if they ban the purchase of single family units for anything but owner occupy.
Average canadian household income is roughly 90k. How the hack people can afford 700k one bedroom apartment lol
The condos were built for and bought by people that never intended to live in them, and as such not very functional in layout, regardless of the actual square footage. Now that the majority of buyers are people looking for a place to live in, they're rightfully not willing to pay for the wrong product. There're no investor buyers anymore as the numbers, rent vs carrying costs don't work.
When even a terrible government can't prop up an overpriced bubble. Remember every bubble has a pop.
Poor layouts, poor materials and craftsmanship, small sized, minimal or overburdened public services and amenities, little to no surrounding greenspace, shall I continue?
Don't worry Toronto and Canada, money launderers will be back soon...
Houses are for banks, not people.
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I'm happy that I stumbled into this discussion. My portfolio hasn't done well lately, therefore I think I ought to see a financial counselor.
"Slumping" Condo market ? the GTA Condo market is already in freefall into a CRASH !
Most of the condo units are small but they are ok for single person. 250-400 sqf is enough for a single person and there are lot of people are single. If the price is between $250k-$350k including a parking spot then people would buy it. However, the current price is way way higher than that.
The prices are too high, demand is too high too
Simply put, there is only one way to make money in Toronto, buy and sell real estate. we have a doughnut and coffee economy. Sad for the new immigrants
I bet you the Chinese own 50% of them. Laundered money.
corrupt Canadian
Naw mom n pop investors in Canada are responsible. We did this to ourselves. Outlaw single family rentals for profit.