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The 2012 Condo Market Highlights

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Reading market reports and articles on the condo boom and bubble can be rather unsatisfying to say the least, but while knowing first-hand notable projects creating the most waves and some that were a complete bust can help us further understand the nature of the Toronto condo market, rather speculating based on vacancy rates and sales data compared to the year before.

Highlights of the top new condo launches in 2012...


Massey Tower - the project that started the year with the most hype and the staple price of $650 average per square foot that set the tone for the remainder of the spring.

Indx Condos - began as the sure-fire investment to catapult the current $650 price per square foot to almost double on completion based on the current asking price for the completed hotel residences Trump Tower and Shangri-la.
The Carnaby Lofts - price-point was a major success with this project, the somewhat "underpriced" with value approach gave this project a great turn-out. As a result the second phase "Carnaby Row" is now priced more aggressively since the opportunity was missed for the first phase interested buyers and new sprung interest in Queen West is now seen as a noteworthy option for investors.

 

Noir vs. Tux hands down I personally did not know what to expect since both projects launched virtually on the same weekend, I called my clients and mentioned the new opportunities in the entertainment district. With further analysis I found Noir to be a far more superior investment opportunity for my clients, due to many factors such as obstruction, maintenance fee's, amount of supply and price per square foot. Subsequently, TUX condos launch was later cancelled altogether due to the climbing performance and planning of Noir condos by Menkes.

 

Later down the calendar developments like 88 Scott and Sixty Colborne stirred a fair share of buying interest, not as quickly as anticipated compared with neighboring projects a mere 1-2 city blocks away in the beginning of the year . Both projects boasted ample supply, design and architecture but the St. Lawrence market crowd didn't fall in love with it. I personally could understand why, since the price was bit higher and units became slightly smaller. Nevertheless many people will enjoy both concepts but it will be quite slower to finalize the sales of many hundreds of units.

Around July and August, we received some great incentives and passed them along to our clients even during speculators season, plenty of contradicting storylines did a great job scaring away first time home buyers and overseas investors. Besides the rant about a market bubble the East-side saw great turn over for projects like River City and Canary District.

The bubble didn't seem to scare many people waiting out almost a full year for Tridel's Ten York, hundreds of units were sold in the matter of days, the project is now nearly sold out. This boost drove a heightened interest in condominiums worthiness of being stabilized in the event of a slowdown period (which is normal), buyer confidence came back as well but remained with heavy-hitting builders like Tridel, Great Gulf and Menkes. In addition, King blue by Remington also launched the same week as Ten York but had minimal impact since price per square foot was higher at $700 while Ten York stood a whopping $610 pp-sqft average upon launch.

This ended the year off with a bang and many people like myself are waiting out for Q1 in 2013 to ride another wave of this so called "fiscal cliff", I'm glad to have helped so many people this year with sound unbiased and informed advice. I will always have faith In real estate, it takes a little more tricks than speculation, fear and blind guessing to be successful but with the right professional help and experience you can aim towards your goals with a much more confident approach.

 

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