Käufer von Eigentumswohnungen vor dem Bau müssen mit erheblichen Verlusten rechnen, da die Preise in Toronto sinken
https://www.cbc.ca/news/business/precon-condo-consequences-9.7103131
Käufer von Eigentumswohnungen vor dem Bau müssen mit erheblichen Verlusten rechnen, da die Preise in Toronto sinken
https://www.cbc.ca/news/business/precon-condo-consequences-9.7103131
19 Kommentare
> Compared with a peak in 2022, apartment prices in Toronto have dropped by around 25 per cent.
That is actually pretty crazy.. but it’s for greater good IMO.
Expensive housing doesn’t benefit anyone other than speculators. It only makes everything else more expensive.
It’s like the stock market, you win some you lose some.
Tragic.
not an issue if you purchased your own home that you live in. only concern should be interest rates.
🎻
If it’s not even constructed yet, how can there already be losses? Fuck off with the bootlicking to landlords, CBC
The long, weird, bipartisan history of turning single family housing into an investment opportunity, complete with bubbles, get rich quick schemes, and rampant corruption, is going to haunt us for years.
lol there’s a project at the end of my block that sold out (pre-con) at the peak. The developer was asking over $2,000/sq ft. So a 600ft one plus „den“ shoebox went for $1.2mm. Everyone who bought those pre-construction units has been wiped out and deservedly so.
Oh no!!! Any way…
This is why you u don’t but pre-construction housing
***Note: What I’m about to say only applies to owners of their primary residence. NOT investors***.
I don’t know why people think this isn’t any issue if it’s for a persons primary residence. Like they aren’t really effected by this. Like if they bought their place to live in “who cares”. That it’s investors that can get bent. This is an often repeated claim in some subs that is flat out wrong and misleading.
That are a few ways your own primary residence being negative-value is an issue. And they range from small to serious.
RIP, bagholders.
Oh no.
Anyways, how’s Tuesday going?
This is going to turn into a contagion event. The losses will creep into low-rise once those losses turn into lenders seizing collateral from those investors that speculated with 100% financing.
And everyone thinks that real estate is a slam dunk! Perhaps in the longer term…..
Buyers and builders have taken a bath. It will turn around, but you have to have the money to ride it out. Many will choose not to.
During my 30 year tenure owning a lux residential building company I have seen many companies come and go.
The BOC described what’s happened, without using the term Ponzi scheme, but if you look at the definition of it. They are identical.
Bidding wars cause this problem that’s my opinion
Lmao. The ones falling in price are like 800sqft shoebox sized „condos“ that were being sold for absurd prices. They would still need to fall so much further to be justified.
Wondering what % the 2025 and 2026 precon condo closings were bought as an investment? They prob dont want to publish those numbers as the tears will stop being shed.
Have some friends who said you cant go wrong on GTA precon condo flipping. A couple ppl still believe it and have yet to see them come to terms with it. Ironically 2 live at home in their 30s and 40s who think their wil make it bigly.