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Sales of New Homes and Condo Plunge 78% In Toronto

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Sales of New Homes and Condo Plunge 78% In Toronto

Unread postby deMolay » Tue 21 Apr 2009, 07:18:14

Looks like the Toronto market is getting a shit kicking finally. As Toronto goes generally the rest of the country follows somewhat. http://www.theglobeandmail.com/servlet/story/RTGAM.20090421.wcondo21art2259/BNStory/National/home
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Re: Sales of New Homes and Condo Plunge 78% In Toronto

Unread postby rangerone314 » Tue 21 Apr 2009, 08:19:20

deMolay wrote:Looks like the Toronto market is getting a shit kicking finally. As Toronto goes generally the rest of the country follows somewhat. http://www.theglobeandmail.com/servlet/story/RTGAM.20090421.wcondo21art2259/BNStory/National/home


78% drop is a big one, but on the positive side (at least for Canada!), the BlueJays are leading the American East.
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Re: Sales of New Homes and Condo Plunge 78% In Toronto

Unread postby RdSnt » Tue 21 Apr 2009, 08:24:38

Yupe, this was inevitable. Although a good portion of the decline was going to occur anyways due to the enormous overbuild of condos (particularly highrise) that has been going on the past few years and is still happening. Many boomers are returning to the city and dumping their houses.
Canadians seem to be reacting more to news and anticipating problems before they happen to them and scaling back their purchases.
Having said that my home in downtown Toronto will still sell for twice what I paid for it 7 years ago. I always keep firmly in mind that that isn't what the house is worth, that's just what the current market is deciding.
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Re: Sales of New Homes and Condo Plunge 78% In Toronto

Unread postby PrestonSturges » Tue 21 Apr 2009, 08:51:26

When the tech bubble popped, all the money in Toronto went into bricks and mortar. Condos shot up like weeds.

Alas, the average Canadian gets very filtered news, especially regards business. They are even less likely to know that condo owners always take it in the neck. Bay street is such a joke.
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Re: Sales of New Homes and Condo Plunge 78% In Toronto

Unread postby Dreamtwister » Tue 21 Apr 2009, 11:39:33

Oh come on! $200k plus taxes and $500/mo in maintainance fees for a 600 square foot apartment is such a sweet deal!
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Re: Sales of New Homes and Condo Plunge 78% In Toronto

Unread postby Blacksmith » Tue 21 Apr 2009, 11:57:51

Dreamtwister wrote:Oh come on! $200k plus taxes and $500/mo in maintainance fees for a 600 square foot apartment is such a sweet deal!


You got to be kidding.

Then $350,000 and $1100 taxes (do own maintanence) for 1100 square feet on a lake doesn't sound that bad.

And I don't have to live in the East (spit, spit).
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Re: Sales of New Homes and Condo Plunge 78% In Toronto

Unread postby vision-master » Tue 21 Apr 2009, 12:02:23

Toronto housing market is nutz, just like kali...... :badgrin:
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Re: Sales of New Homes and Condo Plunge 78% In Toronto

Unread postby heroineworshipper » Tue 21 Apr 2009, 15:09:49

Silly Canadians. Just print money & the problem is solved.
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Re: Sales of New Homes and Condo Plunge 78% In Toronto

Unread postby aldente » Tue 21 Apr 2009, 15:51:13

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Re: Sales of New Homes and Condo Plunge 78% In Toronto

Unread postby Blacksmith » Tue 21 Apr 2009, 17:12:08

heroineworshipper wrote:Silly Canadians. Just print money & the problem is solved.


Learned from the best.
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Re: Sales of New Homes and Condo Plunge 78% In Toronto

Unread postby deMolay » Tue 21 Apr 2009, 20:26:39

Looks like another crash is coming in the USA as well. http://www.globalresearch.ca/index.php?context=va&aid=13283
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