A record high number of new condos are going unsold in the GTA: Urbanation 

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The gross margin for the building is around 20%, and it could be easily eaten away by interest costs if there is any delay in the projects, you just have no idea how much does the land, labor and materials cost, most importantly, how crazy is the development charge for a single unit? Do you know how many builders are going through receivership lately? The only winner is the government.

Today's prices are not much higher - if at all - then why i was selling condos in toronto from 00-08. They are normal for a big urban city.

Plus rip-off maintenance fees

@@jzou1030 20% of the gross price. The Investment is not 100% of the sale price. So the profit margin for the developer is huge. like 500% of the investment. And no "costs" dont account for this rise in price. Outside of GTA / Vancouver the sale prices for even new construction while facing the same "costs ' is a 1/4 -1/5 of what the prices are in GTA. The costs ( Material /labor) are the same except for Land cost. So the " high cost" is just an excuse developers are making.

​@@jzou1030 Interest costs did not stop all the suburban subdivisions being built in the 90s and early 2000s. The problem is government/taxes, not interest rates. If anything interest rates are still way too low and accommodative, since they are lower than inflation

Those condo fees include insurance since it’s a shared infrastructure. Some heat costs are also usually included as well as a future maintenance levy.

@@systemera2902 NO future maint levy is included. Be prepared to may 100-200 more every year and 15,000 -20,000 one time levy every 10 years.

If you can’t afford to pay a $1200 in condo fees, you can neither afford to rent nor buy a unit that has $1200 in condo fees. Conversely you also probably can’t afford to rent nor buy a comparable house.

1200 fee would be on a 1700 sqft condo

People arent you tired of these rich liars manipulative deception? Even if they lower the prices they will never lower the fee costs . its a way to trap your investments. Be smart?? When they get you to buy , then the next 3 years No jobs. Are you going to ask them to pay the fees for you? Or is it that you like a temporal status on their books?

239k at the most.

You should’ve bought when it was $300K.

You have to pay the materials, the soft cost work, the labour and management and the costs have not stayed the same. I know new condos must conform to an environmental standard that gets tougher, every revision. This is why you see solar panels and roof gardens, to offset the carbon footprint and that puts the price up on the remaining condos. Curious as to what you think the cost to make a condo is, say 120 units.

Real estate pricing by fiat. What could go wrong?! /s

Absolutely

Luxury is thr most misused word these days

Anything with a roof is considered luxury to many these days.

Yeah, policy maker's favorite line is that "its a privilege" @@gcc8584

Young generation wants their dream home immediately, not how it works, you buy what you can and work your way up, EARN your dream home like every other generation did

Problem is the starter condo takes more of your income than the SFH ever did in the past.

Affordability is key. The houses and land are available without a doubt

Owning has not been 'affordable' for 20+ years in the GTA. Nothing we can do about it except hope they go unsold and prices drop or people start abandoning older units in disrepeair selling them off cheap.

Google condo frauds. Real estate lawyers and sometimes even the property management companies are involved in Condo embezzlement.

What a HORRIBLE way to loo at life!! I was a senior developer at a real esate firm in 2000..when i saw how much real estate agents were making I BECAME a real estate agent and made a small fortune. I didn't point my finger and complain!! Go get yoru license..the money is insane and the job is soooooo much easier than coding..and more fun if you are outoing/sociable. Healthy too as you are always on the go physically.

@@stoneneils Net value added to society = 0. No skill, no special knowledge required. Profit off of other people's money. PURE scum, no conscience whatsoever. -Signed, an RCAF AERE w/ 21+ years in.

Truer words were never spoken

At almost $250,000 per UNIT city development fees and taxes, Plus tens of thousands in legal and other unnecessary costs to go through the permitting and entitlement process - you should direct your anger at city politicians! Ultimately, these costs must be recouped from buyers.

@@Spp235.yes city has been ever increasing fees etc and creating red tape for developers this increasing their costs. My question is where is the city spending all that extra money in the last decade? Increasing property taxes, more properties paying taxes going to upper management wages!

Every condo in GTA is luxury. If 300 square feet is luxury😂

@@l.c.3150Do you think whe a 300 unit condo tower goes up the city doesn't incur any new and extra ongoing expenses? Stop blaming politicains for everything. We live in a capitalist society which means stiff competition for nearly everything that isn't commoditized. You may be able to afford a condo but plenty of working people can. Your energy should be into yourslef not a poltiician..who would you blame anyways..the mayor whoever it is at the time of protect? lol very productve.

@@Spp235. Where did you get that number from? That sounds almost entirely made up, report from CP24 says an average new 1BR unit faces $52,000 in development charges in Toronto. Also what are these other "unnecessary costs" associated with permitting?

Waste of money.

Scam too

How else do you propose Toronto house people? Last I checked there is no more space in the city.

Larger cities scale-up rather than scale-out for efficiency.

Valuable land you'd never be able to own yourself. Any structure/land has fees.

@@andrewmccoll1582Perhaps accept the fact that the city is overcrowded and live elsewhere. For those that cannot/will not, the price to pay is high. Of course there are many individual variables to consider.

@@Damazzzo I agree

Investors can buy them. They just don't have the confidence that they will be worth more in 5 years

@@user-vi8ci2bi6b or the confidence that they can rent them at a price which will cover all their costs of ownership.

Why would you EVER buy precon at $1500 per foot when you can get resale for $1000 per foot

@@Cutlerypotatoi was in the business in TO...sold real estate but would never buy a condo...it was the condo fees..they are completely out of your hands and they can double or triple if the building has issues.

@@stoneneils We almost bought a condo townhouse then found a freehold unit at a similar price. That was 20 years ago. I think condo fees would have increased more than realty tax over that time period.

Not so quick. I worked in TO for a real-estate investment firm..we were all Canadian. Everyone still hated our guts for buying up allt the units then turning around and selling them at a profit...or renting them out devaluing the budiling. In one building i had 120 units so anything i voted for at the board meetings was passed. Those people wanted to kill me literally.

These garbage layouts are mostly concentrated in the GTA and Ontario. Why would you buy a condo where the main entrance leads you into the kitchen sink. Why are closets now called a Den or Office. Why do so many units have 2 washrooms for a 500 square foot space.

That is what I ask myself everytime I hear someone receive food by Uber-eats. For 1/3 the prices they could be eating real steak or salmon full meal with a massive dessert with two beers. Instead they get a tiny little salty burger, 40 skinny fries and coke full of ice. Yay lol.

You are paying for a future value property so it is priced in that will go higher.

Wdym lol It's all about the return over your defined timeframe The rich get rich on credit not cash...

@@mrscruff66 Actually the rich get rich on richer's people venture capital investments where there is nothing to pay back if it doesn't work out.

Lol totally opposite of how investing works.

learn words and then comment. lose/win. loose/tight.

Its wages. Condos haven't gone up in TO since the 00s....but salaries have probably gone down.

*losing

@@markhirstwood4190, thank you. Now it is fixed.

The government killed the demand !!!

No, it cost $35 million now.

Spot on😊

😊😊

They can't 😂. Most of them are holding on for dear life!

Whats the purpose of slashing prices. It will get sold sooner than later. No one wants to rent forever

@@babyjeero123 Just go to the bank and say "I don't want to rent forever" and you'll magically pass the mortgage stress test and qualify for a loan

Just because some cant afford it, doesnt mean no one can afford it

Would you happily buy a 5000 dollar cheeseburger just because you can afford it? bad deals are bad deals my friend....@@babyjeero123

650 square feet? Many units are much smaller than that. i'm in a 400 square foot apartment and honestly it only feels small when i have people over..so we go out. That's why we live downtown. To be out, not inside all the time.

No one gets to have affordable single detached anymore, because of sky-high government fees on developers, artificially low interest rates which have inflated away the value of peoples savings, and the greedy people who voted to create the greenbelt. This scheme , under the guise of being "green" , was a measure to artificially inflate the value of land in the GTA. You'll notice most of the people at those "save the greenbelt" rallies are all wealthy people with big single family homes. They got theirs and could care less about people entering the housing market. There was more single detached being built back when rates were double digit in the late 80s and early 90s. The problem is government intervention in the free market (high fees, greenbelt) and artificially low interest rates.

@@stoneneilsYa out in the Cold or Underground Path in the company of homeless and druggies..Lol

@@junaidmohammed280huh? lol it sounds like a very funny comment but I wish I understood it. Oh wait..ok...no..i'm not american. Outside we have regular people, zombies only in one park east downtown. How come they can't stand up straight? :P I don't get that.

Short at the top. Nothing to wait for.

How long have you been waiting?

@@XRealEstate777right

@@XRealEstate777 top was in already he shorted

The units would have to be literally 200 square feet. And YES I actually had one unit like that in Toronto...we rented it out for $900. There was one square area of 3x3 to stand, the rest was bed/fruniture/kitches etc. ..it was 180' floor plan officially. I don't know what it was purchased for but i wish i did.

Yes, the government loves that they love the crime. That's coming in, and you can do that and get away with it. A good person gets pushed out of canada

Actually investors have been and continue to be the solution. Imagine if 60% of Toronto condos weren't built because investors weren't buying. The housing issue would be much much worse