Saturday, November 9, 2019
Toronto housing -- condos up, sales down
Toronto continues to limp along. Condos are still up a little and they continue to build the huge towers with a frenzy. As we know, nearly all luxury units are empty, and being kept like investing in gold. Maybe they are filled with gold, or bitcoin wallets. :)
In the neighbourhood, all new monster house construction has stopped. We have one abandoned building site, and several monster houses are for sale. The only small house for sale was grossly over-renovated and has been asking twice the market rate for a year now.
All the monster houses are owned by contractors who built monster houses. Very few have actual rich people living in them. But, apparently, people can hang on forever and, so, there is no reckoning.