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HUFFPOST SUPER USER
Mad Hatter 1
04:07 PM on 10/24/2012
Building towers to nowhere.
04:04 PM on 10/24/2012
With development going so over the top at a time when the BoC says annualized economic growth is 1%, what are they expecting? A Chinese takeover? Or a place for boomers to downsize to and fund their retirement once the RE bubble shatters?
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Pilatunes
Best described as miscellaneous
05:37 PM on 10/24/2012
Interesting point. I mean, I know the Canadian economy has done well relatively speaking, but I haven't seen or heard anything that sounds like 'economic boom' to me.

I guess the upside at least is that if they build up, not out, it will prevent some measure of urban sprawl.
04:04 PM on 10/24/2012
So being the North America capital of jumped-up, vertical rabbit hutches is a distinction of which we are supposed to be proud? Most of the completed ones already look like run-down Hong Kong tenements writ tall.
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Pilatunes
Best described as miscellaneous
05:39 PM on 10/24/2012
The other thing is...how well are they built? Are there enough skilled builders? Are there enough suppliers of high quality materials? Are there enough inspectors?
HUFFPOST SUPER USER
FormerFL
05:57 PM on 10/24/2012
I know several people who either rent or own condos in downtown Toronto built in the past few years. Horror stories about extremely thin walls (they can hear ALL of their neighbors), leaky windows, crumbling balconies. It's a long list. Some of the condo associations have gone as far as suing the builders. I wouldn't buy one with someone else's money.
06:35 PM on 10/24/2012
Does the phrase "house of cards" ring a bell whenever you look at an example of the current crop of monstrous Borg-Hive condos?
03:23 PM on 10/24/2012
In the process Toronto has destroyed the waterfront views with condo towers.
03:26 PM on 10/24/2012
For who? i would assume the people in the condos on the waterfront have some pretty nice views.
03:41 PM on 10/24/2012
Only a selected few until another tower appears and blocs the view. You can barley see the water from most points downtown.
04:01 PM on 10/24/2012
... well to be fair that process started a long, long time ago. But it certainly does make the whole "save the waterfront!" opposition to a fixed link to the island airport (and expansion for jets) QUITE ridiculous.
02:59 PM on 10/24/2012
GET THE FACTS RIGHT HUFFINGTON!! You stated in this article that "Vancouver’s housing correction appears to be more advanced than Toronto’s. The city reported a 25-per-cent decline in house prices in August, year on year"...and there's a link to the article about the 25% PRICE DECLINE. So I clicked on your link, and low and behold, YOUR article says, "the dollar value of homes sold through the Multiple Listing Service (MLS) dropped 25 per cent" and that "The average MLS residential price was $491,145 — nine per cent lower than a year earlier".

So your own article states that priced dropped 9%, not 25%. That's quite the difference. And prices dropped, mainly because the Canadian govt brought in much tighter guidelines for first time buyers to qualify.

In general though, I love you Huffington! Keep up the great work!
05:32 PM on 10/24/2012
You have to be careful about those average prices - especially for condos. Average prices don't tell you what you get for that money. So as builders bring on smaller and smaller condo units you would expect a drop in the average condo selling price but the price per square foot could still be increasing.
05:56 PM on 10/24/2012
Not to mention the maintenance fees and the parking fees......if you dare drive downtown that is.
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LuisD
It's a wonder what you'll find with an open mind
02:53 PM on 10/24/2012
In other news, Montreal is 4th, and just 1 shy of 3rd.
What a great comeback for Montreal. On top that, and unlike Toronto where it's all condos, the new developments in Montreal are almost entirely mixed-use projects. Good times!
02:38 PM on 10/24/2012
147 new condos? The skyline must be saturated with cranes.
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HUFFPOST SUPER USER
JUSTBAKERS135
03:08 PM on 10/24/2012
It is really dotted with cranes. I work downtown and theres a new office tower going up that has 4 cranes and there are 15 cranes I can see when looking West. I love the new look of the city and the density it's bringing, but I do worry about the bubble.
HUFFPOST SUPER USER
cdncommentator
03:28 PM on 10/24/2012
Yep. Everywhere.
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HUFFPOST SUPER USER
Johnny LaRue
02:35 PM on 10/24/2012
This is good news for the local counciler's "building slush funds".