Urban planning community

+ Reply to thread
Results 1 to 10 of 10

Thread: Condo boom causes housing starts to soar

  1. #1
    Cyburbian
    Registered
    Apr 2007
    Location
    Canada
    Posts
    229

    Condo boom causes housing starts to soar

    A booming condominium market caused housing starts to skyrocket in April, beating what economists had been expecting by an annualized pace of more than 40,000 units.

    The Canada Mortgage and Housing Corporation says there were just over 21,000 actual starts in April. That works out to a seasonally adjusted annual pace of 244,900, up from the rate of 214,800 units in March. Economists had been expecting an annual pace of 204,000 units.
    http://www.cbc.ca/news/business/stor...l.html?cmp=rss


    Also interesting !!!

    "Canada currently has the highest stock of unsold condominiums since the early 1990s, but far more significant is the empty-condo phenomenon," Holt noted.

    The CMHC estimates that about 25 per cent of condominiums in the Toronto area are sold but sitting vacant. Other real estate analysts have suggested over time that this may be a low estimate.

    "This is the ghost city phenomenon we’ve discussed with clients over time," Holt noted.
    Does this mean there could be condominiums bubble like the US housing bubble?

  2. #2
    Cyburbian hilldweller's avatar
    Registered
    Jan 2005
    Location
    Land of Confusion
    Posts
    3,736
    Quote Originally posted by nec209 View post
    http://www.cbc.ca/news/business/stor...l.html?cmp=rss


    Also interesting !!!



    Does this mean there could be condominiums bubble like the US housing bubble?
    Yeah, but don't forget we had a condo bubble too. Take a look at Miami.

  3. #3
    Cyburbian
    Registered
    Jul 2008
    Location
    Wherever
    Posts
    1,178
    Will never forgot the story about a guy in Miami who had an entire highrise condo tower to himself... Tower 1 filled up fine but the market crashed before they could get any residents in Tower 2. This guy in Tower 2 wanted to move to the other building so he could actually have some neighbors but the bank / developer wouldn't let him.

    Not sure I'd like being in a giant building by myself. Though I wouldn't mind a highrise condo. That'd be a serious conundrum if I encountered something like that and was actually in the market for a new place.

  4. #4
    Cyburbian DetroitPlanner's avatar
    Registered
    Mar 2004
    Location
    Where the weak are killed and eaten.
    Posts
    6,141
    In many areas the condos are now very affordable due to the bubble. The condo I purchased last year I got for one third of what it went for in 2009! It also provides less worries about break-ins and stripping (I mean the guys who strip foreclosed homes, get your mind out of the gutter) as you have a lot more eyes on your property and fewer access points.
    We hope for better things; it will arise from the ashes - Fr Gabriel Richard 1805

  5. #5
    Cyburbian btrage's avatar
    Registered
    May 2005
    Location
    Metro Detroit
    Posts
    6,419
    Quote Originally posted by DetroitPlanner View post
    In many areas the condos are now very affordable due to the bubble. The condo I purchased last year I got for one third of what it went for in 2009! It also provides less worries about break-ins and stripping (I mean the guys who strip foreclosed homes, get your mind out of the gutter) as you have a lot more eyes on your property and fewer access points.
    Why not just move to a gated community!
    "I'm very important. I have many leather-bound books and my apartment smells of rich mahogany"

  6. #6
    Cyburbian
    Registered
    Apr 2007
    Location
    Canada
    Posts
    229
    Condo Bubble and housing problem hit Canada hard


    Here you have it on the news today and I could said to you it was coming!!!


    Bloomberg News | Oct 5, 2012 10:43 AM ET | Last Updated: Oct 5, 2012 10:59 AM ET

    More from Bloomberg News




    Architect Frank Gehry is designing three condo towers in Toronto that would be North America’s tallest residences. His latest contribution to his home town comes as the Canadian government is trying to cool the market after home prices surged 85% in the past decade.

    The three sculpture-like towers, funded by theater promoter David Mirvish, will rise as high as 85 floors beside a century-old theater and near the Gehry-designed Art Gallery of Ontario. The skyscrapers, with a combined 2,600 residential units, will compete with hundreds of other projects in a city with more residential buildings under construction than anywhere else in North America.






    ‘Condo Bubble’

    “Of course the condo bubble in Toronto is on my mind, but we’re in the early beginnings of it,” Gehry said on Oct. 1, at a press conference about the project at the Art Gallery of Ontario. “The culture of the city and the condo boom has nothing to do with me. That’s your problem.”

    Even as the market is softening, a record 224 condo projects with 58,995 units are under construction in Toronto, according to the most recent data from RealNet Canada Inc., which tracks housing across the country. More than a quarter of these are in the same area as the planned Mirvish, Gehry project along King Street, west of the city’s financial core, according to RealNet.

    Flaherty criticized “continuous building, without restriction” of condos as the central bank signaled record consumer debt and the chance of a sudden housing correction are major risks to the economy.


    http://business.financialpost.com/20...longer-exists/

  7. #7
    Cyburbian DetroitPlanner's avatar
    Registered
    Mar 2004
    Location
    Where the weak are killed and eaten.
    Posts
    6,141
    But will there be a business at the bottom of the tower named Ed's?
    http://torontoist.com/2007/07/ed_mirvish_92/
    http://www.thestar.com/news/gta/city...st-many-limits
    We hope for better things; it will arise from the ashes - Fr Gabriel Richard 1805

  8. #8
    Chairman of the bored Maister's avatar
    Registered
    Feb 2004
    Location
    on my 15 minute break
    Posts
    17,689
    Quote Originally posted by Blide View post
    Will never forgot the story about a guy in Miami who had an entire highrise condo tower to himself... Tower 1 filled up fine but the market crashed before they could get any residents in Tower 2. This guy in Tower 2 wanted to move to the other building so he could actually have some neighbors but the bank / developer wouldn't let him.

    Not sure I'd like being in a giant building by myself.
    But think of all the fun you could have! One could, if they wished, march through the corridors at 3 a.m dressed in a duck costume, with a bandolier of cold beers strapped across one's chest, crashing cymbals and honking discordantly on a harmonica - and no one would object!

    Hmmm.....on second thought, maybe not having anyone object takes away a great deal of the fun.
    People will miss that it once meant something to be Southern or Midwestern. It doesn't mean much now, except for the climate. The question, “Where are you from?” doesn't lead to anything odd or interesting. They live somewhere near a Gap store, and what else do you need to know? - Garrison Keillor

  9. #9
    Cyburbian
    Registered
    Apr 2007
    Location
    Canada
    Posts
    229
    Quote Originally posted by DetroitPlanner View post
    But will there be a business at the bottom of the tower named Ed's?
    http://torontoist.com/2007/07/ed_mirvish_92/
    http://www.thestar.com/news/gta/city...st-many-limits

    No one knows if they are even going build that has it is all talk . With the condo boom now I don't think they will build any new condos . The market is really bad now and even the housing market is starting to gett bad.

  10. #10
    Toronto has been raising eyebrows the last couple of weeks. Their real estate market must be on the threshold of a crash. There have been eight (8) 80-story skyscrapers proposed in the last two weeks, within a block of each other: That's a headline you would expect out of Dubai, not a North American city.

    Mirvish Towers: http://www.cbc.ca/gfx/images/news/ph...-south-vie.jpg (with new art gallery and university classrooms/admin space)
    Oxford Place: http://i.thestar.com/images/7a/d5/bd...c597f8da99.jpg (with a new park, convention center and downtown casino)
    The content contrarian

+ Reply to thread

More at Cyburbia

  1. Replies: 0
    Last post: 01 Nov 2012, 4:47 AM
  2. Replies: 2
    Last post: 23 Mar 2012, 3:07 PM
  3. Vacation Starts Tomorrow!!
    Friday Afternoon Club
    Replies: 7
    Last post: 20 Oct 2011, 9:38 PM
  4. Replies: 2
    Last post: 30 Apr 2005, 1:05 AM
  5. The SUV backlash starts now!
    Transportation Planning
    Replies: 23
    Last post: 18 Dec 2002, 5:56 PM