Canada's 50 Tallest Proposals - Page 488

Ramako · #**9741** Posted **Feb 11, 2014, 2:11 AM**

Quote:

Originally Posted by RyeJay

There's no need to get racist here. Of whatever demographic, of whatever ethnicity, of whatever nationality: I want these people to bring their money and themselves to Canada.

My objection is to how these residential towers are going half-occupied (harming local retail) and how foreign investment is likely artificially inflating the demand for these residential units, making them unaffordable for a growing number of Canadians.

Part of social mobility and the stability of a large middle class is for Canadians to be able to afford to pariticipate in the real estate market.

Towers are not being half-occupied. Rental rates are skyrocketing because there are more renters than available units.

koops65 · #**9742** Posted **Feb 11, 2014, 2:25 AM**

I believe this all started about the unit sizes at 1 Yorkville. Let's be realistic here... 1 Yorkville was NEVER intended to be affordable to the masses. But there are plenty of buildings that the average Joe can get into being built.

WhipperSnapper · #**9743** Posted **Feb 11, 2014, 2:35 AM**

Quote:

Originally Posted by koops65

I fail to understand how some people who post here regularly seem to have a problem with buildings that they will never live in being populated by the rich, or foreigners, or even being bought by some faceless stranger and never lived in at all. Who cares? If you really do care that much, then go out and become a developer and build buildings that average people like yourself can afford to live in.

Wow. I care about my city and it concerns me how the speculative market is driving prices/rents to insane levels while wages drop further and further behind. The worst is still to come when China goes boom.

My rental properties are leasing for below market rates much to the chagrin of the management company.

uzi · #**9744** Posted **Feb 11, 2014, 3:20 AM**

Quote:

Originally Posted by koops65

Who cares? If you really do care that much, then go out and become a developer and build buildings that average people like yourself can afford to live in.

how can I become a developer? I would love to do so.

caltrane74 · #**9745** Posted **Feb 11, 2014, 3:20 AM**

When the Chinese Economy collapses expect prices here to go inter-stellar.

WhipperSnapper · #**9746** Posted **Feb 11, 2014, 4:03 AM**

^how so?

Ramako · #**9747** Posted **Feb 11, 2014, 4:12 AM**

Quote:

Originally Posted by WhipperSnapper

Wow. I care about my city and it concerns me how the speculative market is driving prices/rents to insane levels while wages drop further and further behind. The worst is still to come when China goes boom.

My rental properties are leasing for below market rates much to the chagrin of the management company.

Speculation is helping to increase rent prices but at the end of the day, this boom is also adding to the overall supply of housing in this city, which is ultimately a good thing. When the boom eventually busts and the foreign investors who helped build these units lose their shirts, those units will still be here, and they'll probably be much more affordable.

dleung · #**9748** Posted **Feb 11, 2014, 4:36 AM**

Quote:

Originally Posted by Ramako

Speculation is helping to increase rent prices but at the end of the day, this boom is also adding to the overall supply of housing in this city, which is ultimately a good thing. When the boom eventually busts and the foreign investors who helped build these units lose their shirts, those units will still be here, and they'll probably be much more affordable.

^Exactly. Downside though, being the legacy of horribly designed investor-driven unit layouts, and subpar architecture. A waste of a boom so far by most accounts.

WhipperSnapper · #**9749** Posted **Feb 11, 2014, 4:38 AM**

Locals are also buying into the real estate boom. Renters are losing big time now, yesterday and, the forseeable future paying big bucks for badly designed closets that will out live this virtually impenetrable bubble. I don't see rental prices keeping pace either when it does burst. Neither are vacancies aren't anywhere near as tight as the late 80s and 90s. The bloated price point and cheap lending is making rental construction palatable. Of course, every building is registered as condominium for a quick flip when things start to look tired and maintenance costs rise.

caltrane74 · #**9750** Posted **Feb 11, 2014, 4:59 AM**

Quote:

Originally Posted by WhipperSnapper

^how so?

I don't think the Chinese Millionaires are holding all their cash in Renminbi/Yuans.

Money will seek a safe haven if free to do so.

uzi · #**9751** Posted **Feb 11, 2014, 7:31 AM**

Quote:

Originally Posted by caltrane74

When the Chinese Economy collapses expect prices here to go inter-stellar.

if you think that Chinese economy is going to crash, that is never going to happen it will rise rise and rise. U.S. economy might get weaker. till 2020 China will have 1 GDP and economy.

caltrane74 · #**9752** Posted **Feb 11, 2014, 10:01 AM**

I don't think the Chinese economy will crash.

Just some peeps trying to rationalize a possible collapse of the Toronto Real Estate Market.

uzi · #**9753** Posted **Feb 12, 2014, 4:37 AM**

this construction bubble should not burst. my brother and I are thinking of buying a condo in Toronto in 2015 or 2016.

WhipperSnapper · #**9754** Posted **Feb 12, 2014, 5:36 AM**

A new home buyer wanting to pay exorbinant pricing. That's something you don't read everyday. I got some moon rocks to sell you, uzi.

Caltrane, you're obsessed with millionaires. These are largely middle to upper middle class Chinese with few avenues to put their money in. Retirement plans and investment funds outside of real estate aren't available.

uzi · #**9755** Posted **Feb 12, 2014, 5:43 AM**

we both are looking for a vacation escape so we are planning on buying a condo in Toronto or Vancouver and I am not a Chinese investor.

Ramako · #**9756** Posted **Feb 12, 2014, 5:51 AM**

Quote:

Originally Posted by uzi

we both are looking for a vacation escape so we are planning on buying a condo in Toronto or Vancouver and I am not a Chinese investor.

If you're looking to buy a vacation property in Toronto in the next couple years, wouldn't you want the bubble to burst? It would mean a much cheaper vacation home for you.

No offence, but didn't you say you were 16 or something like that?

uzi · #**9757** Posted **Feb 12, 2014, 7:48 AM**

oh really I thought more condos in market will be cheaper as compare to few condos in market.
yeah I am 16 but my older brother is 21 and owns a business, he was thinking of buying a property and a vacation escape.

and I don't know something went wrong with my username and my profile.

WhipperSnapper · #**9758** Posted **Feb 12, 2014, 1:42 PM**

You're only looking at new supply while ignoring demand

urbandreamer · #**9759** Posted **Feb 12, 2014, 1:49 PM**

I don't think of Toronto as vacation property material. I think Montreal, Halifax, Victoria or Quebec City would be more exciting. Or if you're into resort living that includes architectural excellence, try Friday Harbour near Barrie.

Beedok · #**9760** Posted **Feb 12, 2014, 1:54 PM**

Quote:

Originally Posted by caltrane74

I don't think the Chinese economy will crash.

Just some peeps trying to rationalize a possible collapse of the Toronto Real Estate Market.

The Chinese economy is based largelly on an insane real estate bubble that has them building whole empty cities. There's a lot of very scared economists out there.