Wednesday, August 19, 2009
Toronto Condo Bust
I got out of my depth a while ago, and thought there would be a spectacular property bust in Toronto, much along the line of Japan. It hasn't happened yet, since private sellers are on strike waiting for better prices. But I have no idea about the condo market. I still see all those condo cranes around the city, and I wonder how they keep afloat. This one was started by the Russian Mafia, and even they ran out of money! We don't have the good drug money up here, like Miami!
So if those guys are out of money, what about the thousands of other condos? The individuals are covered by deposit escrow accounts. The only people who will suffer are those who just got possession, and now want to sell. Once again, I have no clue!