Toronto's condo market 'hits bottom' with some developers looking at selling units below cost
2026-04-23 14:09 UTC
Replies (7)
-
@glibg@lemmy.ca 2026-04-23 18:05
Bottom? I think we can go lower than that!
-
@HubertManne@piefed.social 2026-04-24 13:36
"The new HST rebate announced by Ontario in late March is estimated to cut condo prices by an average of about $100,000, narrowing that price gap to about 20 per cent. Historically, the gap would have been 10 per cent to 15 per cent, though under better market conditions, Hildebrand said." So condos, which have high assesments and such, went from 500k to 400k? I just don't even know who owns these things. And this is below cost to build. This is folks mean by system endemic issues. Its what happens when all the money is at the top and there is to little money at the avergage person level to purchase typical life things for them. I know in the city im from, which is pretty affordable relative wise, if you got handed a downtowncondo for free you likely would be fine and be able to pay taxes and assesments but a normal person would not be able to handle much of a mortage. I guess two income one handles the mortgage and the other the other expenses. Just don't have kids or seperate ever or lose a job or get sick.
-
@HikingVet@lemmy.ca 2026-04-23 15:29
Now where did I put that violin? Fucking thing always getting lost in the jewelry box.
-
@HeroicBillyBishop@lemmy.ca 2026-04-23 18:21
bottom is a long way off yet buckle yer safety belts folks, ol donnie and co's plan is to crater the world real estate market and buy it on fire sale the idiots here will likely still be blaming Trudeau, but at least Carney appears to have the chops to soften it for Canadians
-
@definitemaybe@lemmy.ca 2026-04-24 03:59
> The average cost per square foot of a new condo was $1,189 in the first quarter compared with an average resale price of $859, a 38 per cent difference. Seems like a weird way to frame that number. Sure, 1189/859 is 1.38, but that's the percentage resale prices would need to *rise* to match new unit build costs. The way it's framed sounds like they mean 859/1189 ("prices of resales are lower than the costs of new builds by x%"), which is .72, a 28% difference. Math nerd alert. Seriously, though, I would expect better from a financial news publication. AI slop, I'm guessing. (Edit: not the whole article, mind, I just mean that number framing and/or calculation looks, to me, like a typical AI error. The rest of the article is well written, imho.)
-
@UninvestedCuriosity@lemmy.world 2026-04-23 19:16
Fuck those speculative ghouls.
-
@SaveTheTuaHawk@lemmy.ca 2026-04-23 18:09
This happened before, in the late 80s, people ended up buying two shitty tiny condos and making them into one larger shitty condo.