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Originally Posted by Urbannizer
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Shit, that's really too bad. I have no memory of this proposal, but it looks better than 99.9% of Toronto proposals.
It is very rare - almost unheard-of - for a Toronto proposal to be outright cancelled like this, though. Most that don't sell to the 70% yardstick and begin construction languish for years rather than being officially announced as cancelled. (Technically, 350 Bloor is more "for sale" than "cancelled", as another developer could buy what has been prepared and proceed; but not in this market, unless the units are changed to rental.)
A few residential skyscrapers (and possibly commercial) here and there are still getting underway in T.O., or expected to do so, because they are largely or entirely comprised of rental units, or in the case of commercial, the office vacancy warrants it (AAA vacancy is 3%).
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Originally Posted by ssh
Toronto's boom seems over. The condo market data is the writing on the wall.
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It is definitely over for now, and has already been for a couple of years. It has reached bottom now, to my understanding. I read in the paper yesterday that some condos downtown (micro-units: 300-400 sq. ft.), which sold for a million bucks 3-4 years ago (insanely inflated, even then), are now going for as little as $300,000. There's a lot of U/C supply coming onto the market, so it could be a few years before sales rebound. Insertnamehere would know much more about the state of affairs and outlook than I.
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