TORONTO | The One | 1,077 FT / 328 M | 91 FLOORS

[isaidso]

Originally Posted by Maximillian

:"Maybe it's just the normal rate of growth."

The question that begs to be asked, is who's buying these units ?
Are said "imigrants" arriving with upwards of $100K for a solid down paymenton such ?

Some of these immigrants do have enough money to buy but it has more to do with locals buying. Torontonians who've made enough money for a condo/starter home are looking to buy while immigrants take the apartments these people leave behind. There are also empty nesters looking to downsize, and people starting a family looking to buy houses.

So there's a lot of turnover in the residential real estate market. At the end of the day the city still needs to build new housing for ~100,000 new people every year. In Toronto that means lots of condos. Planners encourage density over sprawl and there's a growing interest in urban living. New houses do get built but a far higher % of new builds are condos these days.

If Toronto's economy and population growth continue as it has, this level of condo tower construction will continue. In that sense, it's the new normal.

[GeneralLeeTPHLS]

I'm highly intrigued on an engineering stand point on how this tower's underground section will be constructed. Seems quite.....peculiar seeing as this site isn't the largest and that it's location is a detriment in more than a few ways for construction vehicles and such.

[Maximillian]

Originally Posted by Innsertnamehere

... what? It isn't some conspiracy theory, drive through Forest Hill or Lawrence Park.. There is a ton of money, both old and new, in this city. Lots of potential clientel here, especially for a building this high profile.

Sure, upscale homes, for sure, but what has that got to do with thousands of condo units in the core ?

[Maximillian]

Originally Posted by DrNest

Unsubstantiated, but interesting tidbit regarding other, taller buildings.
I'm intrigued.

You'll find some info, on the "proposed' listings, on this site.

[Maximillian]

Originally Posted by GeneralLeeTPHLS

I'm highly intrigued on an engineering stand point on how this tower's underground section will be constructed. Seems quite.....peculiar seeing as this site isn't the largest and that it's location is a detriment in more than a few ways for construction vehicles and such.

I live nearby, and though they havn't started to dig yet, they are drilling
and pouring innumerable pilings, throughout the perimiter,
as well as what seems like well inside the perimiter.

They've left one single rather patetic existing facade still standing, and I was told they'll build around it. It dosn't impress me as a particuarly
distinctive example of the old archecture. The real shame, is
right next door, and the meager reminence of the once fabulous
uptown cinema, which now suffers the ignomy of being one
of the major carriers, cell phone store. Yeah, like we need more.

[Maximillian]

[QUOTE=isaidso;8124175]Some of these immigrants do have enough money to buy but it has more to do with locals buying. Torontonians who've made enough money for a condo/starter home are looking to buy while immigrants take the apartments these people leave behind. There are also empty nesters looking to downsize, and people starting a family looking to buy houses."

Some of that, makes sense. the big picture though suggests a lot of fiat (bubble) creative financing.
I just don't beileve that the Toronto, Ontario, and Canadian economy is
really that healthy, as to support this extent of population growth.
I sense the politicos have put the cart ahead of the horse, in that sense. The sorry state infrastructure including roads, trafic management,
and transit is another topic, and constitutes the 1500 LBS angry bear,
in the room.
What bothers me the most though, is according to the laws
of economy and scale, services should improve, and taxes should reduce,
as you expand the base, yet the absolute opposite is the empherical
reality.

[C.]

Now that is HILARIOUS!

Organized crime elements are helping to fuel Toronto's condo boom by buying up a significant number of units in a condo building in order to compel influence on the condo board so they can hire their own crooked contractors. Tony Soprano would blush at such a scheme.

Any reputable news sources to back up this claim?

Why is it so hard to accept the fact the population and job market in Toronto is growing and that there has been a steady change towards the preference for urban living compared to the suburbs of our parents generation? Not to mention the affordability factor driving condominium construction.

In most other cities, the affordable options for a first time home buyer is in a new subdivision at the fringe of town. In Toronto, new single-family homes can be 3 times the cost of a starter condo.

[WhipperSnapper]

Condos are becoming less and less affordable to end users and more and more are being listed as rental properties or allowed to sit empty. It doesn't really matter how many people are moving to the city if more and more can't afford to buy. That's why the market is considered bubbly. It's not sustainable nor do we really want it to be sustainable. Families in Canada shouldn't have to live in 500 square foot one bedrooms

There's definitely shady money involved in the financing of all the condo development. It doesn't take much digging either. These developers are literally borrowing billions to buy and develop property.

A large percentage of the job growth is directly or indirectly tied to the juggernaut real estate boom which explains why governments at all levels were downright supportive early on and hesitant to do anything once affordability started to get out of control.

[DrNest]

Originally Posted by Maximillian

You'll find some info, on the "proposed' listings, on this site.

Even the ones that are "as-yet-unannounced"???!!!
Not quite sure how you figure that one out.
Clearly they wouldn't be unannounced if there was information already on them in the Proposals thread.

[Maximillian]

[QUOTE=CIA;8131715]Now that is HILARIOUS!


"Any reputable news sources to back up this claim?'

A colligue of mine, compelled to sell, after his condo fees sky rocketed,
he noticed also insessent construction, ongoing, demolition and
re-construction, of what he pecieced to be adiquate and sound
infrastructure.
he didn't want to stay and fight it.

[Maximillian]

Originally Posted by DrNest

Even the ones that are "as-yet-unannounced"???!!!
Not quite sure how you figure that one out.
Clearly they wouldn't be unannounced if there was information already on them in the Proposals thread.

I NEVER said anything about "unannouced," those are your words.

[Maximillian]

[QUOTE=WhipperSnapper;8131753]Condos are becoming less and less affordable to end users and more and more are being listed as rental properties or allowed to sit empty. It doesn't really matter how many people are moving to the city if more and more can't afford to buy.

Stop making sense, many on here seem to take serious offence.
For you see, they allready, "KNOW IT ALL !"

[Dale]

How long have they been forecasting a bubble for Toronto ? Coming up on ten years now ?

[koops65]

The talk of a bubble began around 2010, 2011 or so. Still no sign of a slowdown... if anything, high rise construction has become more intense. The proposals keep coming, bigger and taller than ever before. As this very thread proves, a supertall is now U/C in Toronto, after many years of 150-250 metre towers.

[koops65]

By me today:

[IMG][/IMG]

[muymontano]

Thanks to you guys for keeping us out of towners up to speed on progress. I was by the site Saturday and noted that they are almost finished piling, I guess soon they will be going down. Any bets to this being out of the ground by the end of the year?

[DrNest]

Originally Posted by muymontano

Thanks to you guys for keeping us out of towners up to speed on progress. I was by the site Saturday and noted that they are almost finished piling, I guess soon they will be going down. Any bets to this being out of the ground by the end of the year?

It's certainly possible, but the small footprint and difficulty in site accessibility is making for slow progress.

[Gresto]

^Yeah, I doubt it with almost 100% certitude, but please surprise us The One.

[koops65]

Looking down Yonge Street:

[IMG][/IMG]

[The Best Forumer]

nice...