Just as Toronto applies political band aids on the burn marks of humiliation for the appalling circus antics of Mayor Rob Ford, the CBC’s cutting edge show called Doc Zone aired a new political scorcher last night in an expose called ‘The Condo Game’.
This documentary explores how the political economy shapes our urban environment, including the profiteering of developers who build ‘cheap’ super towers that serve not buyers, but the international commodities market with zero regard for the integrity of their product. It also explores how the Province’s Ontario Municipal Board operates using an approvals process that offers zero socio-economic benefit to the local community, while usurping Toronto’s Planning Department as it struggles to manage an exponential building boom while collapsing under the pressures of an ill-conceived amalgamation of six municipalities dating from 1998.
Here’s a link to Doc Zone’s ‘The Condo Game‘
This is worth watching.
Did you know in 2012 in Toronto there were 237 high-rise projects with units totalling 60,713 under construction of which 88 percent were sold as of December 31st? Compare that to the 10,575 high-rise units which were delivered throughout last year, and that means – to our horror – there are six times the number of units to be delivered in our near future than were completed in 2012. That’s astonishing!
We wrote about this, and other startling revelations in our Spring/Summer 2013 Forecast called Be Wary of the Condo Crunch.
So how much do you know about Toronto’s condominium market? Consider reading our monthly ‘Dear Urbaneer’ posts where we’ve addressed The Face Of Condo Living, which explores the rise of the condominium in Toronto since the 1970s, How To Evaluate A Toronto Condo that examines the variables that make one building more desirable to a buyer than another, and Understanding Common Element Fees which outlines how buildings establish their monthly charges.
You may also want to read our Fall 2013 Real Estate Forecast. Here’s Part One and Part Two if you’re interested.
At Urbaneer.com we’re here to help, all without pressure or hassle. We simply love what we do. With a multi-disciplinary education in housing, sound knowledge of the mechanics of real estate and a sharp skill set in evaluating properties for over two decades, we’re here to guide you through all the factors which play into establishing the value of any condominium.
If you, or someone you love, needs assistance, insight, or guidance maneuvering today’s market realities as they pertain to you, just pop us an email or pick up the phone at 416-322-8000.
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~ Steven and the Urbaneer team