The ongoing crisis is the Chinese Banking sector is beginning to cause alarm in Ottawa as to it's impact on the Toronto Condo Market. It has been said that a great deal of the financing for the 150 plus condos in Toronto is coming from Chinese citizens and banks, looking to park their assets in a relatively safe and prosperous juristidiction. Many have thought that at this time, the Toronto condo boom would have subsided, or crashed. It hasn't occured yet, but the Chinese banking crisis might be the final nail in the coffin as it relates to the Toronto Condo Boom, coming to an end very shortly.
Are Political and Global Risks a Threat to the Toronto Condo Market and Boom
There has been talk in recent weeks of the global instabilty in the middle east as well as in the Ukraine as countries battle on the diplomatic and military stage. Are these global and geo-political conflicts enough to bring down the Toronto Condo Market and Boom, which has been ongoing for about 10 years plus now.Many have said that the boom, will end and that low real estate pricing will return. However, we have yet to see this occur, mainly becuase of the lack of new house building oppourtunties in the surrounding GTA. Every bank will tell you why they believe the Toronto Condo Market is bound to slow down and reserve at some time, what I will continue to say is that so long as it is government policy to constrain sprawl in the GTA area, prices for all housing types will continue to rise.
Banking Risks in Toronto
The level of risk in the Toronto Condo Market has increased greatly according to a new report by the Bank of Canada. There are risk due to the fact that there are still high levels of unsold condos at the pre-construction level of development that will be coming online within the year. And that the sheer number of condos, will negatively impact prices in the downtown core. The Bank of Canada is concerned that any real estate correction that occurs in the Toronto Market will have a ripple impact throughout other large urban cities in Canada. Toronto has been building out the downtown core rapidly and currently has over 150 highrise and skyscraper towers under construction more than 4 times as many towers under construction than the next Canadian city of Vancouver.
Realspace Management Group Inc - 416-594-9400
website: http://realspace.ca/contact.htm
Bentall Kennedy LP - 416-681-3400
Commercial Mortgage Coporation - 416-236-2222
Oxford Properties Group IncExecutive Offices
DTZ, a UGL company
12 Degrees Sales Office
Kolter Property Company - 416-366-8699
GWL Realty Advisors Corporate Office - 416-359-3019
The Real Estate Office - 416-883-0095
Triovest Realty Advisors Inc - 416-203-1209
Radio City Office - 416-927-9665
Dananta Building Corp Inc - 416-928-1200
Thornwood One - 416-922-6777
Bosley Real Estate Ltd - Residential Offices - 416-465-7527
Snelgrove L S (1981) Limited - 416-482-0469
Century 21 Parkland Ltd Brokerage - 289-806-0064
Ecko Jay Realty Ltd Brokerage - 416-445-8858
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