Condos send demand for office space soaring

[InTheBeach]

Originally Posted by oceanmdx

Actually, Quebec was the only province complaining.

Wasn't their complaint that they would become under represented?

http://en.wikipedia.org/wiki/List_of..._by_population

[rbt]

Originally Posted by InTheBeach

Wasn't their complaint that they would become under represented?

Not under-represented as in less than the rest of the country; but under-represented as in less than currently (I.e. closer representation to their population percentage).

You get $7 per day for lunch and Billy gets $4.50 per day for lunch. The proposal is to reduce you to $6 (which you don't like) and bring Billy up to $5.50 (which he doesn't like because it's still short of equal).

[crooked soul]

Originally Posted by Skyscrapercitizen

Interesting and yes it makes sense. I can see it here in Rotterdam where I live. People living in the center prefer to work there as well.

By the way, 90.000 residential units within 10 years! That's an incredible number, here we're happy to have about 1000 UC right now... We need some more ambition, good to have cities like Toronto as an example!

hello over there in Rotterdam!!!
great city.. hope to visit it someday...

just wanted to say, that these residential units here are quite misleading.. when in fact a majority of the condos sold are to oversea investors.. and are left empty.. most investors purchase more than 1 condo to offshoot their tax situation in their own domestic country..
you can read about it over here:
http://www.skyscrapercity.com/showth...147&highlight=

[Taller, Better]

Not a chance that a majority are left empty. Most off shore units are rented out to real live people. Every big city in the world has off shore buying of residential units. People own places in London, Paris or New York and don't necessarily live there, either. Maybe in small little towns all units are lived in by the owners, but not in big cities.

[Taller, Better]

Anarticle by a slightly miffed Montreal journalist in the Post, predicting doom and gloom for naughty Toronto failing to have a deflated real estate market:
http://business.financialpost.com/20...unsustainable/

Why Toronto’s overheated housing market is unsustainable

Jay Bryan, Postmedia News Apr 17, 2012 – 10:37 AM ET | Last Updated: Apr 17, 2012 1:45 PM ET


MONTREAL — While Canada’s high-flying housing market continues to stabilize, it’s increasingly evident that one city — Toronto — is a glaring exception....

read all about it:
http://business.financialpost.com/20...unsustainable/

[ACT7]

Once again, no one is saying that prices will continue to increase by double-digit percentages indefinitely. Frankly we would never have news if journalists didn't feel like being negative all the time. With a hundred thousand people moving here every year, the rental market will always be pretty vibrant - especially when SFH are completely out of reach for the average joe.

And like you said TB, foreign ownership is nothing new. It's sometimes as if Canadians are so incorrectly humbled by other cities that they can't see the value that foreigners see in Canadian cities.

[Taller, Better]

It is strange, but people really do seem to think offshore investment ownership is something unique, and bad for, this city.

[isaidso]

Canada's big cities are still dirt cheap although Vancouver is getting up there.

[Taller, Better]

The newspapers say that Vancouver is happy to relinquish the title of hottest real estate market to Toronto, but they still maintain the title of most expensive houses, as the average cost is still $260,000 higher per residence in Vancouver than Toronto.

[ACT7]

Originally Posted by isaidso

Canada's big cities are still dirt cheap although Vancouver is getting up there.

Dirt cheap?? Really?? Not being as expensive as some places doesn't necessarily make things dirt cheap.

[InTheBeach]

Originally Posted by Taller, Better

It is strange, but people really do seem to think offshore investment ownership is something unique, and bad for, this city.

Well, it isn't great for 20/30 somethings who want to enter the housing market.

On the otherhand, if you own already, it is not so bad.

[rbt]

Originally Posted by InTheBeach

Well, it isn't great for 20/30 somethings who want to enter the housing market.

Not certain of that. Resale unit quality and selection has improved significantly in the downtown area.

Yes, the prices aren't working in their favour to buy but a 20 something fresh out of university, getting their first job, it is far easier to find an affordable rental unit downtown than in 2000 (when I was doing that).

[InTheBeach]

I agree 100% with that statement. It is not good for entering the market, but is great for renting and saving for post crash entry. That strategy worked well for me in the last crash, and is what I am doing now (only I eat less pizza now, still drink as much beer).

[large]

Real estate price rises (and the fact that I love Canada) is why I am here. Soaring real estate prices in the part of the UK iwas born and raised in made home ownership an unattainable dream, even though I am a well paid professional. Middle class indigenous uk people delay or avoid starting families altogether because they can't afford the space to bring them up. Real estate greed driven by politicians, bankers and other scumbags who feed off ordinary people is partly responsible for destroying the social fabric of the UK and making it an undesirable place to live unless you are a part of the wealthy elite (read selfish money grabbing arseholes).

Don't wish that on Canada.

[AndrewJM3D]

Originally Posted by Taller, Better

That's it! Thanks. There are scads of sites available downtown for office construction, and this should encourage developers not to build more stubby 30 storey jobbies, and concentrate on going much higher.

Not to mention plenty of buildings that could be torn down for bigger and better things.