The Toronto Condo Bubble Is A Myth

The Toronto Condo Bubble Is A Myth

Ok, I know you've been hearing over and over, how Toronto is in a Condo Bubble. There has never been one ounce of fact that has ever stated this is the case. A lot of this crapola, stems from deep Toronto haterd. I'm a blogger, so I'm not afraid to say what the mainstream media is reluctant to state. And that is the construction boom, is fueling the Toronto economy, at a time of great financial hardship globally, especially in the Finance Area, which is one of the leading economic indicators for Toronto. However, even in the midst of this great recession, Toronto's economy not only survives, it strives, and goes higher and higher. The reasons for this are at the root of the stem of Toronto haterd. The reason that Toronto continues to have relatively good economic performance is that Toronto is a magnate for people from around the world. We are the magnate, and they are the metal pieces flying from all over the world to be here, once here, they put their drive to succeed to the test amoung Toronto's very competive job market, some make it in the fields, most don't. However, that doesn't kill their drive to succeed. As they say in the movies, if God shuts one door, he opens a window somewhere else.

apartment for rent

So what we have is a very hard working industrious immigrant class maintaining our economic performance in the midst of a worldwide global turndown. And to add a cherry on the cake, the wealthier immigrant classes from Iran, Russia, the Mideast, and China, are bringing with them thier cash. Toronto and Canada are seen as global economic safehaven. This has brought unending cash into the Toronto real estate market as well as our Financial Markets. This flood of cash and people is bound to irritate some people, especially those in the federal government, whom have been pushing a West (i.ie Calgary/Alberta) First policy. Anything they can do to drive immigrants from settling in Toronto and moving them west, they love it. Mr. Harper, "Oh we have a skills shortage out west, come out west, you'll get a job" "Don't worry that noboby here can speak your language, you'll fit right in and we'll buy you a cowboy hat too"

Then the feds, led by Flaretey the minister of Finance, went about trying to halt the Condo boom in Toronto. First they tried to talk down the condo market, when that wasn't enough, they turned their executive powers on Toronto, cutting the amortization timeframe on mortgages. Yes, the past 2 or 3 months, there has been a steady decline in sales, but this is a gentle easing. If anything, unsold inventory, is beginning to dry up, as developers put condo projects on hold. As unsold inventory stocks decline, the desire for new product will pent up again, and we'll see a flood of new proposals, and record sales numbers. This actually happened recently with the Ten York project in Southcore, launched by Tridel, they sold an mind-blowing 88% of the units available for sale within the week. This is no small project, it will be near 230 meters when complete with a total of 800 units. The fact this happens, when all the media naysayers are saying this is a condo bubble, just proves they have no clue, in their brains. The bubble is a myth.